Bill > S4322

This bill establishes a price preference program for minority and women-owned businesses competing for state contracts in New Jersey. Under the legislation, when a state agency is awarding a publicly advertised contract paid with state funds, it must give a preference of up to 10 percent to minority or women-owned businesses. If such a business meets all the contract requirements and becomes the lowest bidder after applying the preference, the state agency must award the contract to that business. The bill also includes a compassionate provision that if a minority or woman business owner dies during the contract or bidding process, the surviving spouse can maintain the business's eligibility for the preference. The terms "minority business" and "women's business" are defined by referencing an existing state law (P.L.1986, c.195), which provides specific definitions for these categories. The purpose of this bill is to provide additional opportunities and support for minority and women-owned businesses in state procurement processes by giving them a competitive advantage in the bidding process. The act would take effect immediately upon becoming law.