This bill aims to establish a State contract goal specifically for socially and economically disadvantaged businesses, mandating that contracting agencies award at least 30 percent of their contracts to these qualified business enterprises. The legislation outlines that these goals can be achieved either through direct designation of prime contracts or by subcontracting, supported by relevant data and information. Additionally, each contracting agency is required to make a good faith effort to meet these established goals and to develop an annual plan in consultation with the department to achieve them.

The bill also defines socially disadvantaged businesses as those owned by individuals who can demonstrate membership in a racial minority group or other forms of personal disadvantage, while economically disadvantaged businesses are defined as those whose owners face impaired competition due to limited capital and credit opportunities. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 52:32-31.17