Establishes Public Education Innovation Fund; provides corporation business tax and gross income tax credits to businesses for making qualified education donations.

New Jersey's S 3141 establishes the Public Education Innovation Fund within the Department of Education to provide grants to low-performing public schools for implementing educational innovation programs. The bill directly affects low-performing schools (defined as those where over 40% of students scored "not meeting expectations" in both math and language arts, or over 65% in one subject, for two consecutive years) and businesses that make qualified donations to the fund. Businesses receive corporation business tax credits (capped at 75% of tax liability) or gross income tax credits (capped at $10,000 per business) for donations, with a total annual limit of $5 million in tax credits. Grants are awarded competitively to schools through an application process detailing how proposed programs address academic barriers, and businesses must submit donation documentation to qualify for tax credits.