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 or 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. The bill outlines the application process and requirements for both accelerators and incubators, emphasizing the need for approved applicants to demonstrate proof of expenditures that contribute to the success of the businesses they assist.

Additionally, the bill amends existing law to include provisions for recovering costs associated with the grant program through the societal benefits charge, establishing a nonlapsing fund within the Board of Public Utilities for fund management. The EDA is responsible for preparing an annual report detailing the program's activities, including applicants, grant distributions, and overall progress. The program is set to take effect immediately and will expire six years after its enactment, with penalties for non-compliance including the requirement to repay grant amounts and potential penalties of up to 10 percent of the grant received.

Statutes affected:
Introduced: 48:3-60