The "Department of Commerce and Innovation Act" establishes a new principal department within the Executive Branch of New Jersey's State government, aimed at centralizing efforts to promote business, industry, and innovation. This act addresses the fragmentation that has occurred since the dissolution of the Department of Commerce and Economic Development in 1998 and appropriates $1 million for its implementation. The newly appointed Commissioner of Commerce and Innovation will oversee the department's operations, coordinate with other state agencies, and enhance economic growth and development. The act also includes the transfer of the Business Action Center and the New Jersey Economic Development Authority into the new department, ensuring continuity and integration of their functions.

Additionally, the act amends existing laws to include the Commissioner of Commerce and Innovation on the board of the authority and mandates the commissioner to submit a report within three months of the bill's effective date. This report will identify functions related to commerce and economic development that may be transferred to or from the new department. Importantly, the bill ensures the independence of the New Jersey Commission on Science, Innovation and Technology from the Department of Commerce and Innovation, allowing it to operate without supervision or control from the new department.

Statutes affected:
Introduced: 52:27C-82, 34:1B-4, 52:9X-3, 52:27C-85, 52:14-15.107