The bill establishes the Task Force on Higher Education Governance and Funding in New Jersey, aimed at examining the state's higher education system, including its organization, governance, and funding mechanisms. The task force will consist of 14 members, including the Secretary of Higher Education and various public members appointed by legislative leaders and the Governor, representing different sectors of higher education. Appointments must be made within 30 days of the bill's effective date, and the task force is required to organize within 30 days of member appointments.

The task force's responsibilities include assessing the governance and funding of the state's higher education system, conducting an in-depth examination of institutional structures, analyzing state oversight, reviewing relevant laws and regulations, evaluating funding mechanisms, and identifying best practices from other states. A final report with findings and recommendations must be submitted to the Governor and the Legislature within one year of the task force's organization, after which the task force will expire 30 days later.