This bill mandates the New Jersey Commission on Science, Innovation, and Technology to create a matching grant program specifically for public research universities that receive certain federal research grants. The program aims to support federal research projects that align with priority industries identified by the commission and have a direct or potential connection to economic development in New Jersey. Public research universities can apply for these matching funds, provided their federal grant proposals require a financial match or give preference to those that do. The commission will establish application guidelines and evaluate proposals based on criteria such as potential economic impact, alignment with priority industries, enhancement of research capacity, and equitable funding distribution among universities.

Additionally, the bill requires the commission to submit an annual report to the Governor and the Legislature detailing the recipients of the matching grants and assessing the program's effectiveness in promoting economic development. To support this initiative, the bill appropriates $5 million from the General Fund to the commission. The act is set to take effect immediately upon passage.