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 New Jersey Turnpike Authority. 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. The task force is required to organize within 30 days of appointing its members and will submit a comprehensive report to the Governor and Legislature within 12 months of its formation.

The report will include findings and recommendations on legal, operational, and financial matters related to the consolidation, detailing potential cost savings and changes to the state's credit rating. It will also provide a legislative proposal for creating a new independent transportation agency, along with an analysis of current operations, best practices from other states, and strategies for operational efficiencies. The task force will have the authority to call upon state employees for assistance and hold hearings to gather public input. The act will take effect immediately and will expire upon the submission of the required report.