This bill mandates the Rutgers Economic Advisory Service, part of the Bloustein School of Planning and Public Policy at Rutgers University, to 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, focusing on various aspects such as the implications of proposed operating and capital budgets, potential construction and infrastructure projects, military and civilian employment, and tax generation at both state and local levels. The findings will support strategic decision-making and resource allocation, while also identifying potential weaknesses and threats. A report detailing the study's results 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 Rutgers Economic Advisory Service will have the authority to enlist assistance from state, county, or municipal employees and may also hire staff or consultants as necessary to fulfill its responsibilities under this act. The bill emphasizes the importance of data-driven insights for informed policymaking and economic growth, building on previous studies conducted by the Bloustein School in 2010 and 2013.