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 relevant fields such as data science and digital technology. The Chief Innovation Officer, appointed by the Governor, will oversee the Authority's operations and serve as its chief executive officer, with the ability to appoint staff without regard to civil service laws. The Authority is empowered to adopt bylaws, enter contracts, manage its budget, and accept funds from private foundations, while also being required to submit an annual report of its activities to the Governor and the Legislature.

Additionally, the bill allows for the transfer of unencumbered funds appropriated for Permit Modernization or the National Center for Civic Innovation, Inc. to the New Jersey Innovation Authority, contingent upon approval from the Chief Innovation Officer and the Director of the Division of Budget and Accounting. It outlines procurement and contracting procedures, generally requiring public advertisement for bids but allowing for exceptions under certain conditions. The Authority is also permitted to collaborate with established nonprofit entities, including the National Center for Civic Innovation, Inc., to facilitate improvements in government services, emphasizing the importance of innovation in state governance.