This bill establishes the Business Accelerator and Incubator Network Grant Program, administered by the New Jersey Economic Development Authority (EDA), to provide grants to business accelerators and incubators that support incubator businesses in specific fields such as clean energy, life sciences, and advanced materials. The EDA will allocate up to $1 million from societal benefits charge revenues to fund this initiative. Eligible applicants must demonstrate their support for incubator businesses and provide documentation showing that their participation will contribute to the financial success of these businesses. The bill also outlines the application process, which requires proof of eligibility and expenditures that support the incubators.

Additionally, the bill amends existing law to include provisions for funding the grant program through societal benefits charge revenues. It specifies that the EDA will review grant applications, issue payments based on grant agreements, and enforce penalties for non-compliance, including a potential repayment of the grant amount plus a penalty of up to 10 percent. The authority is responsible for preparing an annual report detailing the program's progress, including metrics such as the number of applicants and grants distributed. The program is set to take effect immediately and will expire six years after its enactment.

Statutes affected:
Introduced: 48:3-60