Requires State Treasurer, in consultation with State Comptroller, to promulgate rules and regulations concerning best practices for awarding independent State authority contracts.

S 296 requires New Jersey's State Treasurer, working with the State Comptroller, to create rules for how independent state authorities (like regional agencies or public boards) award contracts for goods and services. The rules mandate transparent, competitive processes, including expanding bidder pools, using clear merit-based criteria disclosed upfront, requiring detailed statements of work, and documenting all evaluation steps. Exceptions allow flexibility for small contracts ($50,000 or less), emergencies, sole-source vendors, or federal agreements without following the full rules. This bill directly affects all independent state authorities that issue contracts, aiming to standardize fair procurement practices across these entities.