This bill mandates that the New Jersey Economic Development Authority (EDA) establish rules and regulations to ensure that any business receiving financial assistance from the authority does not engage in gender discrimination against its employees. Specifically, businesses must provide written documentation to the EDA, as determined by the authority, to verify compliance with this requirement. The bill defines gender discrimination as the practice of paying employees of one sex less than employees of the other sex for substantially similar work, taking into account skill, effort, and responsibility.

The legislation aims to promote equitable pay practices among businesses that benefit from state financial assistance, thereby addressing the gender pay gap. By enforcing these regulations, the bill seeks to hold businesses accountable for their compensation practices and ensure fair treatment of all employees, regardless of gender. The act is set to take effect immediately upon passage.