The proposed bill establishes the "Volunteer Fire Company Assistance Program" within the Division of Fire Safety in the Department of Community Affairs (DCA) to enhance the operations and sustainability of volunteer fire companies. It creates a special, non-lapsing fund known as the Volunteer Fire Company Assistance Program Fund, which will receive annual appropriations from the Legislature. The Director of the Division of Fire Safety is tasked with developing and administering a grant program to distribute funds to volunteer fire companies for purchasing emergency equipment and supporting their ongoing operations. To apply for these grants, volunteer fire companies must submit detailed applications outlining their intended use of the funds.

Additionally, the bill mandates that participating volunteer fire companies submit a report within one year of receiving a grant, detailing how the funds were utilized and their impact on operations. The Director is required to compile these reports into a comparative profile, which will be publicly accessible on the division's website. Furthermore, within a year of posting this profile, the Director must report to the Governor and the Legislature on the grant program's implementation, including the number of applicants and the types of equipment sought. The bill appropriates $10 million from the General Fund to support these initiatives.