The New Jersey Transit Accountability Act mandates that the New Jersey Transit Corporation (NJT) hire an independent firm to conduct a comprehensive audit of its financial management and budget reporting practices. This audit must cover the period since the issuance of a previous report under Executive Order No. 5 of 2018. The independent firm is required to prepare a report that includes findings on NJT's financial management, assesses the impact of the COVID-19 pandemic on service demand, evaluates current funding sources, and recommends policies and best practices for improvement. The report must be submitted to both the Governor and the Legislature.

Following the issuance of the report, NJT is required to adopt the recommended policies and best practices within six months. However, the corporation can choose not to adopt a specific recommendation if seven members of its board vote in favor of this decision, provided they offer a detailed explanation for their choice. The act is designed to enhance transparency and accountability in NJT's operations, particularly in light of past financial challenges and the ongoing effects of the pandemic. The act will take effect immediately and will expire one year after the report is issued.