The proposed bill, known as the "Set-Aside Act for Union Business Enterprises," establishes a State contract set-aside program specifically for businesses that operate with a union workforce. It defines a "union business enterprise" as any business entity, including sole proprietorships, partnerships, or corporations, that meets certain criteria such as having its principal place of business in New Jersey, hiring apprentices, and making a good faith effort to maintain a diverse workforce. The Department of the Treasury will oversee the program, requiring proof of compliance with the defined criteria and setting a goal for contracting agencies to award at least 22 percent of their contracts to these union business enterprises.

The bill outlines the procedures for designating contracts as union business enterprise set-aside contracts, including the requirement that contracting agencies consult with the Department of the Treasury before making such designations. It also mandates that contracting agencies develop annual plans to meet their set-aside goals and establishes regulations for maintaining lists of eligible businesses. Additionally, the bill includes provisions for penalties against businesses that provide false information to gain union business enterprise status, ensuring accountability within the program.