Establishes tax-free business incubators at New Jersey institutions of higher education.

The Innovate New Jersey Act creates the Innovate New Jersey Program to allow public and private colleges, universities, and community colleges in New Jersey to designate vacant space or land on their campuses as tax-free areas for new and expanding businesses. Businesses in these areas are exempt from certain taxes for up to 10 years. The bill establishes an Innovate New Jersey Board to review and approve applications from institutions of higher education and businesses. Businesses must align with the academic mission of the institution and create net new jobs.

Establishes tax-free business incubators at New Jersey institutions of higher education.

The Innovate New Jersey Act creates the Innovate New Jersey Program to allow public and private colleges, universities, and community colleges in New Jersey to designate vacant space or land on their campuses as tax-free areas for new and expanding businesses. Businesses in these areas are exempt from certain taxes for up to 10 years. The bill establishes an Innovate New Jersey Board to review and approve applications from institutions of higher education and businesses. Businesses must align with the academic mission of the institution and create net new jobs.