The bill establishes the New Jersey Transportation Consolidation Task Force, tasked with investigating and evaluating the potential consolidation of several transportation entities, including the New Jersey Transit Corporation and the Department of Transportation. The task force will consist of seven members appointed by various state leaders, including the Governor and legislative leaders, with specific expertise in transportation policy and public finance. Members will serve without compensation but will be reimbursed for necessary expenses incurred while performing their duties. The task force is required to organize within 30 days of member appointments and will have the authority to call upon state employees and hold hearings to gather information.

The task force is mandated to submit a comprehensive report to the Governor and the Legislature within 12 months of its organization. This report will include findings and recommendations regarding the consolidation, addressing legal, operational, and financial matters, as well as a detailed accounting of potential cost savings. Additionally, the task force will propose a legislative framework for creating a new independent transportation agency that would emerge from the consolidation, including its governance structure and operational strategies. The bill emphasizes the need for a thorough analysis of current operations and best practices from other states to inform the consolidation process.