This bill establishes the Task Force on Higher Education Governance and Funding in New Jersey, aimed at examining the state's higher education system, including its organization, governance, and funding mechanisms. The task force will consist of 13 members, including state officials and public members with expertise in higher education. It is required to organize within 60 days of the bill's effective date and hold at least one public hearing within six months of its formation. The task force will assess various aspects of the higher education system, including institutional structures, funding mechanisms, and the effectiveness of current governance practices.

Additionally, the bill appropriates $200,000 from the General Fund to support the task force's activities, allowing the Secretary of Higher Education to hire or partner with subject matter experts as needed. The task force is tasked with issuing a final report of its findings and recommendations to the Governor and the Legislature within one year of its organization, after which it will expire 30 days later. The bill emphasizes the need for data-driven criteria to ensure adequate and equitable funding for public institutions of higher education in New Jersey.