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 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 attracting new businesses, retaining existing ones, and redeveloping areas. The partnerships must be registered with the New Jersey Economic Development Authority, and any agreements involving public entities must be approved by the Department of Community Affairs before certification.

Additionally, the bill outlines that regional economic development partnerships may be eligible for loans, issue bonds, and access matching grants to support their initiatives. It also allows counties and municipalities to enter into agreements for joint economic planning outside of formal partnerships, provided these agreements are submitted to the Local Finance Board for approval. The act is set to take effect seven months after enactment, although preparatory administrative actions can be taken in advance by the relevant authorities.