NJ S4135

Amends the New Jersey Aspire Program to create a new category called "institutional project" for redevelopment projects developed by or affiliated with public or private institutions of higher education, where at least 51% of square footage is dedicated to qualified research and development activities.

Defines "qualified research and development" to include activities in priority industries such as technology, artificial intelligence, software development, financial services, biotechnology, pharmaceuticals, advanced manufacturing, renewable energy, and film/digital media.

Expands allowable "project costs" for institutional projects to include construction of research workspaces, meeting and classroom spaces, dining and dormitory facilities, and common areas including hallways, utility rooms, storage areas, and parking components.

Excludes institutional projects from the definitions of "commercial project" and "residential project," establishing them as a distinct project category under the Aspire Program.

Introduced February 13, 2025, and reported with amendments by the Assembly Appropriations Committee on January 8, 2026.