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

The bill also includes definitions for "woman veteran" and "woman serving in the military," specifying that both must be residents of New Jersey who identify as female and meet certain service criteria. Additionally, it defines "qualified business" as one that is independently owned and operated, has its principal place of business in the State, and is at least 51 percent owned and controlled by women veterans or women serving in the military. The management and daily operations of the business must also be controlled by these individuals, or by the spouse of a woman veteran with a permanent and severe disability. The act is set to take effect immediately upon passage.