NJ A5470

Creates a new "institutional project" category under the New Jersey Aspire Program for redevelopment projects developed by or affiliated with universities holding Carnegie R1 or R2 research designations, requiring 51% of square footage be dedicated to qualified research and development in priority industries like AI, biotech, pharmaceuticals, and renewable energy

Limits total tax credits for all institutional projects to $90,000,000 statewide, with individual projects capped at the lesser of $90,000,000 or 80% of eligible project costs

Requires institutional project developers to contribute at least $30,000,000 or 20% of total project cost (whichever is greater) and restricts leasing or subleasing to non-university entities to no more than 5% of project square footage

Allows institutional project developers to elect a 5-year eligibility period combined with an additional 5-year continued compliance period, and expands eligible project costs to include research workspaces, classrooms, dining facilities, dormitories, and common areas

Exempts institutional projects from the net benefit test requirement and establishes an application window from April 1, 2026 through April 1, 2027