The "Set-Aside Act for Union Business Enterprises" establishes a program in New Jersey aimed at promoting union business enterprises by setting aside a portion of state contracts specifically for these entities. A "union business enterprise" is defined as any business with a union workforce, a principal place of business in the state, that hires apprentices, and makes a good faith effort to maintain a diverse workforce. The Department of the Treasury will oversee the program, requiring proof of compliance with these criteria. The bill sets a goal for contracting agencies to award at least 22 percent of their contracts to union business enterprises and mandates that each agency develop an annual plan to achieve this goal.

To facilitate the program, the Department of the Treasury will create regulations for designating prospective bidders and maintain lists of eligible businesses. The bill also outlines procedures for businesses to request inclusion on these lists and for reviewing their status annually. Additionally, it includes provisions for penalties if a business is found to have provided false information to gain union business enterprise status. The act aims to enhance opportunities for unionized businesses while ensuring accountability and compliance within the contracting process.