The bill establishes the New Jersey Innovation Authority as a public body within the Department of the Treasury, aimed at enhancing government performance through innovative technology solutions. The Authority will consist of 13 members, including ex officio members from various state departments and nine public members appointed by the Governor, who possess expertise in technology and innovation. The Chief Innovation Officer will oversee daily operations, report directly to the Governor, and have the authority to appoint staff without adhering to civil service laws. The Authority is granted the power to adopt bylaws, enter contracts, manage finances, and accept funds from private foundations.

Additionally, the bill outlines the Authority's responsibilities, which include advising the Executive Branch on technology innovation, promoting emerging technologies, and developing metrics to measure progress. It allows for exceptions to public bidding requirements for contracts in emergencies or when working with nonprofit entities for advisory services. The bill also permits the transfer of unencumbered funds appropriated for Permit Modernization or the National Center for Civic Innovation, Inc. to the Authority, contingent upon approval from the Chief Innovation Officer and the Director of the Division of Budget and Accounting. All purchases and contracts must be publicly advertised unless specific conditions are met, ensuring transparency and accountability in the Authority's operations.