The Garden State has enacted a hefty new tax credit specifically for AI businesses. But tax incentives—particularly around data centers—haven’t always created large numbers of jobs.
New Jersey has a new plan to become the US hub for AI innovation. The state’s governor signed a law on Thursday that will offer up to $500 million in tax credits for artificial intelligence companies to set up shop in the state. “We want New Jerseyans to stand at the forefront of the AI revolution—and build a more prosperous world in the process,” New Jersey’s Governor, Phil Murphy, a Democrat, said in a statement.
“There’s just this history of deals building up the necessary infrastructure for these tech firms and not paying off for the taxpayer,” says Pat Garofalo, director of state and local policy at the American Economic Liberties Project, a nonprofit organization that calls for government accountability. The loss in tax revenue “is often astronomical” when compared to each job created, Garofalo says.
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