The bill establishes a Guaranteed Income Pilot Program within the Department of Labor and Workforce Development (DOLWD) aimed at studying the impact of unconditional cash disbursements on individual spending habits and the economic conditions of participating municipalities. The program will run for two years and will provide selected participants with $500 per month for a duration of eighteen months. It will randomly select 500 residents from each of the designated cities—Paterson, Passaic City, Jersey City, Plainfield, Newark, Trenton, and Camden—who have an annual household income of no more than $80,000, ensuring that only one individual per household is chosen.

Additionally, the Department of the Treasury, in collaboration with DOLWD, will analyze economic data from the participating cities and gather voluntary survey data from participants regarding their financial situations and spending habits. A report detailing the findings and recommendations will be submitted to the Governor and the Legislature within ten months following the conclusion of the pilot program. The bill also includes provisions for the Commissioner of Labor and Workforce Development to create necessary rules and regulations to implement the program effectively.