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 strategy formulation. The 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 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 business growth. The act is set to take effect seven months after its enactment, although preparatory administrative actions can be taken in advance by the relevant authorities.