This bill mandates that the Rutgers Economic Advisory Service, part of the Bloustein School of Planning and Public Policy at Rutgers University, conduct a comprehensive study on the economic impact of military installations in New Jersey. The study aims to assess the overall effect of these installations on the state's gross domestic product, providing insights into proposed operating and capital budgets, evaluating potential construction and infrastructure projects, and supporting strategic decision-making for resource allocation and long-term planning. A report detailing the findings is required to be submitted to the Governor and the Legislature within one year of the bill's enactment.

To facilitate this study, the bill appropriates $155,000 from the General Fund to Rutgers University. The Economic Advisory Service will have the authority to enlist assistance from state, county, or municipal employees and to hire staff or consultants as necessary to fulfill its responsibilities under the act. The bill emphasizes the importance of data-driven insights for informed decision-making, building on previous studies conducted by the Bloustein School in 2010 and 2013.