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 within their facilities. The EDA will allocate up to $1 million from societal benefits charge revenues to fund this initiative, targeting specific fields such as clean energy, life sciences, and advanced materials. The bill outlines the application process and eligibility criteria for grant recipients, ensuring that funds are directed towards fostering innovation and economic development in New Jersey.

Furthermore, the bill amends existing law to include provisions for covering the costs associated with the grant program as part of the societal benefits charge. It specifies that approved applicants must provide proof of expenditures related to their incubator businesses to receive grant payments, and outlines penalties for non-compliance. The EDA is required to prepare an annual report detailing the program's activities, including the number of applicants and grants awarded, which will be submitted to the Governor and the Legislature. The program is set to take effect immediately and will expire six years after its enactment.

Statutes affected:
Introduced: 48:3-60