Establishes "New Jersey Higher Education Funding Formula Commission."

This bill creates a temporary 11-member commission to study New Jersey's higher education funding system. The commission will examine funding models used by other states, review input from all public and private colleges, universities, medical schools, and law schools, and develop recommendations for a new state funding formula. It must submit a final report to the Governor and legislative committees within six months of its first meeting, after which the commission will expire. The bill does not change current funding but establishes a process to evaluate and potentially reform how the state supports higher education institutions.