New Jersey Governor Phil Murphy Leads Economic Mission to UK, Advances AI and Property Tax Relief Initiatives

New Jersey Governor Phil Murphy is currently leading an economic mission to the United Kingdom, aimed at strengthening economic ties and promoting the state’s technology and life sciences sectors. This mission, part of Choose New Jersey‘s efforts, underscores the governor’s commitment to positioning New Jersey as a global leader in innovation.

In addition to his international endeavors, Governor Murphy has been actively promoting New Jersey’s potential in artificial intelligence (AI). During a recent appearance at a Financial Times AI event, Murphy highlighted the state’s initiatives to become a hub for AI research and innovation. He emphasized the creation of a dedicated hub to attract companies and talent in the AI sector, further solidifying New Jersey’s position in this rapidly evolving field.

On the domestic front, Governor Murphy has signed into law a bill codifying the recommendations of the Stay NJ Task Force. This new law, which took effect on November 1, 2024, revises property tax relief programs to provide greater benefits to eligible residents. The law includes changes to the definition of an “eligible claimant” for property tax credits, establishes a uniform definition of income for determining eligibility, and sets a maximum credit amount of $6,500 for the Stay NJ Property Tax Credit program. The law also mandates a combined single application form for various property tax relief programs and outlines the disbursement process for these credits.

The Stay NJ Task Force, which will meet quarterly, will assist in implementing these property tax credits and gather feedback from local officials on their effectiveness. This initiative is part of Governor Murphy’s broader efforts to address property tax burdens and support New Jersey residents, particularly seniors and low-income households.