Provides allowances for certain redevelopment projects undertaken by institutions of higher education under New Jersey Aspire Program.**

This bill amends New Jersey's Aspire Program to provide tax credit incentives specifically for redevelopment projects by institutions of higher education and distressed hospitals. It defines "institutional project" as one where at least 51% of square footage is dedicated to qualified research and development, including spaces like labs, classrooms, and dorms. The bill allows developers to receive tax credits equal to 80% of project costs (up to $120 million), requires a minimum $30 million capital contribution from developers, and exempts these projects from the standard net benefit analysis required for other redevelopment projects.