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 must have expertise in fields such as data science and digital technology. 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 powers to adopt bylaws, enter contracts, provide grants, and promote technology innovation within the state.

Additionally, the bill allows for the transfer of unencumbered funds from previous appropriations, specifically for Permit Modernization or the National Center for Civic Innovation, Inc., to support the Authority's operations, contingent upon approval from the Chief Innovation Officer and the Director of the Division of Budget and Accounting. It also outlines procurement processes, requiring public advertisement for purchases and contracts unless certain conditions are met, and permits collaboration with nonprofit entities to achieve its goals. The Authority is tasked with advising the Executive Branch on technology innovation and is required to submit an annual report of its activities to the Governor and the Legislature.