This bill authorizes the establishment of regional economic development partnerships in New Jersey, allowing county and municipal governments, along with various agencies and organizations, to collaborate on joint regional economic planning and development strategies. These partnerships can include a diverse range of participants, such as businesses, educational institutions, and nonprofit organizations, and are intended to assist in activities like supporting existing businesses, attracting new ones, and redeveloping areas. The partnerships must adhere to the Local Public Contracts Law and can be registered with the New Jersey Economic Development Authority, which provides access to additional economic development resources.

Additionally, the bill allows these partnerships to be eligible for loans, issue bonds, and apply for matching grants to support their initiatives. It also permits counties and municipalities to enter into agreements for joint economic planning outside of formal partnerships, provided these agreements are approved by the Local Finance Board. The act is set to take effect seven months after enactment, although preparatory administrative actions can be taken in advance by the New Jersey Economic Development Authority and the Local Finance Board.