This bill establishes a price preference program for service-disabled veteran-owned businesses competing for State contracts in New Jersey. Under the proposed legislation, State agencies are required to give a preference of up to 10 percent of the contract amount to qualified disabled veterans businesses when awarding contracts that are publicly advertised and funded by the State. If a qualified disabled veterans business meets the contract requirements and is the lowest bidder after applying the preference, the agency must enter into a procurement contract with that business. In cases where multiple qualified disabled veterans businesses submit the lowest bids, the contract will be awarded to the business with the lowest bid.

Additionally, the bill stipulates that if a disabled veteran owner passes away during the contract term or bidding process, and the surviving spouse acquires the ownership interest, the business will still be eligible for the preference. The bill defines a "disabled veteran" as a resident certified by the U.S. Department of Veterans Affairs with a service-connected disability, and a "qualified disabled veterans business" as one that is independently owned, has its principal place of business in the State, is at least 51 percent owned and controlled by disabled veterans, and is managed by disabled veterans or their spouses in cases of severe disability.