The "Department of Commerce and Innovation Act" establishes a new principal department within the Executive Branch of New Jersey, aimed at centralizing and enhancing the state's efforts in promoting business, industry, and innovation. This new department will be led by a Commissioner appointed by the Governor and will oversee functions related to economic growth, business assistance, and innovation. The act facilitates the transfer of the Business Action Center and the New Jersey Economic Development Authority into this new department, ensuring continuity and improved coordination among state agencies. Additionally, the bill appropriates $1 million from the General Fund to support the department's implementation.

The bill also amends existing laws to include the Commissioner of Commerce and Innovation on the board of the Economic Development Authority and modifies the governance structure of various commissions and authorities. It notably removes references to the Department of the Treasury concerning the New Jersey Commission on Science, Innovation and Technology, granting it independence under the new department. Furthermore, the Commissioner is mandated to submit a report within three months of the act's effective date, identifying functions related to commerce and innovation that may be transferred to or from the new department, thereby streamlining state efforts in these areas.

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