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 advise the Executive Branch on technology innovation and modernization of government services.

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, permitting exceptions to public bidding under certain conditions, and mandates that all purchases and contracts must be publicly advertised unless specific criteria are met. The Authority is empowered to collaborate with nonprofit entities, including the National Center for Civic Innovation, Inc., to achieve its objectives.