This bill establishes a price preference program for minority and women-owned businesses competing for State contracts in New Jersey. Specifically, it mandates that when a State agency awards a contract funded by State money, it must provide a preference of up to 10 percent to qualifying minority or women-owned businesses. If such a business meets the contract requirements and, after applying the preference, is the lowest bidder, the State agency is required to enter into a procurement contract with that business. In cases where multiple businesses qualify as the lowest bidders, the contract will be awarded to the one with the lowest bid.

Additionally, the bill ensures that if a minority or woman owner of a business dies during the contract term or bidding process, and the surviving spouse acquires the ownership interest, the business will still be eligible for the price preference. The definitions of "minority business" and "women's business" are aligned with existing law as defined in P.L.1986, c.195. The bill is set to take effect immediately upon passage.