This bill amends the "Local Public Contracts Law" to authorize local contracting units in New Jersey to establish joint venture and set-aside programs specifically for women's, minority, and veteran business enterprises. The legislation allows these contracting units to set aside a percentage of total procurement dollars for contracts awarded to joint ventures that include qualified women's, minority, or veteran business enterprises. This change aims to enhance the competitiveness and growth of these traditionally disadvantaged businesses by enabling them to partner with more established firms, thereby addressing historical barriers to participation in public bidding processes.

Key amendments include the definition of "joint venture" and the establishment of set-aside programs for joint ventures alongside existing programs for minority, women's, and veteran business enterprises. The bill specifies that contracting agencies can designate contracts for joint ventures, and it requires them to report annually on their efforts to meet set-aside goals. Overall, the bill seeks to promote inclusivity and support for disadvantaged businesses in local government contracting.

Statutes affected:
Introduced: 40A:11-41, 40A:11-42, 40A:11-43, 40A:11-45, 40A:11-46, 40A:11-48