Given the promise that artificial intelligence (AI) holds for economic growth and societal advancement, it is critical that policymakers not only avoid retarding the progress of AI innovation, but also actively support its further development and use. This report provides a primer on artificial intelligence and debunks five prevailing myths that, if left unchecked, could undermine its progress: (1) AI will destroy most jobs; (2) AI will make us stupid; (3) AI will destroy our privacy; (4) AI will enable bias and abuse; and (5) Smart machines will take over and potentially exterminate the human race. The author provides suggestions for how policymakers should embrace future possibilities of artificial intelligence. [This article is reprinted with permission from the author and appeared originally in the Information Technology and Innovation Foundation (ITIF) Update.]