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 compliance with state regulations, and may utilize external consultants for research purposes.

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. This initiative aims to provide data-driven recommendations to enhance the governance and funding of public institutions of higher education in New Jersey.