This bill mandates that the Department of the Treasury in New Jersey must update the New Jersey Disparity Study every five years, starting from January 1, 2029. The updates are required to be submitted to both the Governor and the Legislature and should encompass changes in the availability and utilization of small, minority, women, and service-disabled veteran-owned businesses in state procurement.

The legislation aims to ensure that the state remains informed about the participation of diverse businesses in procurement processes, thereby promoting equity and inclusion. The act is set to take effect immediately upon passage.