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

The "Innovate New Jersey Act" creates tax-free business incubators on campuses of New Jersey's public and private colleges and universities. It allows qualified new businesses - defined as those not previously operating in New Jersey and not moving existing jobs - to operate in these incubators without paying certain state taxes. The bill establishes "tax-free New Jersey areas" on underutilized campus space, requiring approval from the Innovate New Jersey Board. This directly affects institutions of higher education and qualifying startups seeking low-cost, short-term facilities to develop innovative technology businesses.