The New Jersey Transit Accountability Act mandates that the New Jersey Transit Corporation (NJT) hire an independent firm to conduct a comprehensive audit of its financial management and budget reporting practices since the issuance of a previous report under Executive Order No. 5 of 2018. The audit must assess the impact of the COVID-19 pandemic on service demand and the corporation's financial needs, evaluate current funding sources, and recommend policies and best practices for improvement. The findings and recommendations from this audit will be compiled into a report that must be submitted to both the Governor and the Legislature.

Following the issuance of the report, NJT is required to adopt the recommended policies and best practices within six months, although it may choose not to adopt specific recommendations if seven members of its board affirmatively vote against them, provided a detailed explanation is given. The act is designed to enhance transparency and accountability within NJT, particularly in light of past financial challenges and the ongoing effects of the pandemic. The act will take effect immediately and will expire one year after the report is issued.