This bill authorizes the Chief Administrator of the New Jersey Motor Vehicle Commission to issue special United States Navy Veteran license plates for honorably discharged Navy veterans. The license plates will feature the words "U.S. Navy Retired" and an image of the Navy insignia. An application for these plates requires proof of veteran status and an initial fee of $50, along with an annual renewal fee of $10. The bill establishes a special fund, the United States Navy Veteran License Plate Fund, where the fees collected will be deposited after deducting administrative costs. These funds will be appropriated annually to support programs benefiting Navy veterans.

Additionally, the bill stipulates that state or public funds cannot be used for the initial costs of implementing the license plate program. Instead, a designated individual or entity must contribute up to $25,000 to cover these costs. The commission will not begin the program until it receives this funding and at least 500 completed applications for the plates. The bill includes provisions for the chief administrator to certify the average cost of producing the plates and allows for discontinuation of the program if costs exceed the application fee in two consecutive years. The bill will take effect only after the necessary conditions are met and will expire if not fulfilled within a specified timeframe.