New Jersey's 500 Million Bid to Become an AI Epicenter

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. "And in so doing, we are going to establish New Jersey as the home-base for R&D in generative AI." AI companies and data centers that power AI that operate at large scales in New Jersey can qualify for the tax credits, which divert unspent funds from two other state tax credit programs for job creation and real estate development enacted in response to the Covid-19 pandemic. Critics of the plan fear that it could be a win for profitable AI companies, but a loss for the state.