This bill authorizes the establishment of regional economic development partnerships in New Jersey, allowing county and municipal governments, along with their agencies and instrumentalities, to collaborate on joint regional economic planning and the formulation of economic development strategies. These partnerships can include a variety of stakeholders, 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 can be registered with the New Jersey Economic Development Authority, which will provide resources and support, and any agreements involving public entities must be approved by the Department of Community Affairs.

Additionally, the bill allows counties and municipalities to enter into agreements outside of formal partnerships for joint economic planning and project implementation, with the requirement that such agreements be submitted to the Local Finance Board for approval. The partnerships may also be eligible for loans and matching grants to fund marketing and promotional efforts aimed at fostering business growth in the region. The act is set to take effect seven months after enactment, although anticipatory administrative actions can be taken by the New Jersey Economic Development Authority and the Local Finance Board in the meantime.