The Jacquet module J(V) of a representation (π,V) of a groupN is the space of co-invariants of N; or in other words the largest quotient of V on which N acts trivially, or the zeroth homology group H0(N,V). In other words, it is the quotient V/VN where VN is the subspace of V generated by elements of the form π(n)v - v for all n in N and all v in V.
The Jacquet functor J is the functor taking V to its Jacquet module J(V).
Jacquet, Hervé (1971), "Représentations des groupes linéaires p-adiques", in Gherardelli, F. (ed.), Theory of group representations and Fourier analysis (Centro Internaz. Mat. Estivo (C.I.M.E.), II Ciclo, Montecatini Terme, 1970), Rome: Edizioni cremonese, pp. 119–220, doi:10.1007/978-3-642-11012-2, ISBN978-3-642-11011-5, MR0291360