"Innovate New Jersey Act"; establishes tax-free business incubators at institutions of higher education.

The "Innovate New Jersey Act" creates tax-free business incubators at public and private colleges and universities, allowing qualifying new businesses to operate without paying certain state taxes for up to 10 years. To qualify, businesses must be in early development stages or focused on technology innovation (like biotechnology or information technology), align with the institution's academic mission, and create new jobs. The program requires approval from an Innovate New Jersey Board (appointed by legislative leaders) and prohibits certain businesses like retail stores, restaurants, law firms, and financial services from participating. The bill also establishes a grant fund to help institutions cover startup costs for these incubators, with grants limited to $125,000 annually for the first three years.