Establishes innovation zone program to stimulate technology industry clusters around New Jersey's research institutions; allows certain technology businesses located in certain innovation zones to receive certain tax credits under Grow New Jersey Assistance Program.

This bill establishes three innovation zones around New Jersey's research institutions in Greater Camden, Greater New Brunswick, and Greater Newark, designed to stimulate technology industry clusters. It allows qualifying technology businesses located within these zones to receive enhanced tax credits under the Grow New Jersey Assistance Program. Specifically, businesses in the Greater Camden innovation zone would qualify for a base tax credit of $5,000 per job per year, with a maximum gross credit of $15,000 per job per year, and could apply up to $30 million annually in tax credits. The New Jersey Economic Development Authority will implement the program, defining specific municipal boundaries for each zone and modifying existing programs to promote collaboration between high-tech businesses and research institutions.