NJ S3592

Establishes the "Business Accelerator and Incubator Network Grant Program" administered by the New Jersey Economic Development Authority to award grants to business accelerators and incubators supporting startup companies in the state.

Eligible incubator businesses must operate in specific technology sectors: clean energy/environmental technology, life sciences/biotechnology, advanced materials/manufacturing, supply chain/logistics, big data/computing, defense/homeland security, or food/agriculture.

Transfers up to $1,000,000 from societal benefits charge revenues collected by the Board of Public Utilities to fund the grant program, with additional funding available from other state business development programs and public/private sources.

Grantees who fail to comply with grant agreement conditions must repay the full grant amount and may face penalties up to 10% of the grant.

The program expires six years after enactment, and the EDA must submit annual reports to the Governor and Legislature detailing applicants, approved grants, amounts distributed, and types of businesses funded.