Establishes State contract goal for socially and economically disadvantaged businesses.

This bill requires New Jersey state contracting agencies to award at least 30% of contracts to businesses owned by people who are socially or economically disadvantaged. Socially disadvantaged businesses include those owned by racial minorities, individuals with disabilities, or those facing disadvantages due to location or other factors. Economically disadvantaged businesses are those with limited capital, credit access, or low personal net worth compared to similar businesses. Agencies must create annual plans with the state department to meet this goal and adjust targets based on data.