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 a Navy insignia, with the design and color scheme selected in consultation with the Adjutant General of the Department of Military and Veterans' Affairs. An application fee of $50 and an annual renewal fee of $10 will be required, with the proceeds going into a special fund to support programs for Navy veterans. The bill also stipulates that if the average cost of producing the plates exceeds the application fee for two consecutive years, the program may be discontinued.

Additionally, the bill specifies that state or public funds cannot be used for the initial costs of the license plate program. Instead, a designated individual or entity must contribute up to $25,000 to cover these costs, and the commission will not begin the program until at least 500 completed applications and the necessary funds are received. The provisions of the bill will not take effect until 13 months after the required conditions are met, and it will expire if those conditions are not satisfied within 12 months of enactment.