This bill amends Section 3 of P.L.2023, c.300 (C.52:32-31.17) to establish a State contract goal requiring contracting agencies to award at least 30 percent of their contracts to qualified business enterprises, specifically targeting socially and economically disadvantaged businesses. The bill mandates that these goals can be achieved through direct designation of prime contracts or subcontracting, supported by relevant data. Additionally, each contracting agency is required to make a good faith effort to meet these goals and to develop an annual plan in consultation with the department to achieve them.

The bill defines socially disadvantaged businesses as those owned by individuals who can demonstrate membership in a racial minority group or personal disadvantage due to various factors, including gender and location in high unemployment areas. Economically disadvantaged businesses are defined as those owned by individuals whose ability to compete for State contracts is hindered by limited capital and credit opportunities, alongside a personal net worth below a specified threshold. This legislation aims to enhance opportunities for these businesses in the State contracting process.

Statutes affected:
Introduced: 52:32-31.17