Reduces threshold cost, from $5 million to $3 million, of public works projects which may include project labor agreements.

This bill lowers the cost threshold for public works projects that may include project labor agreements (PLAs) from $5 million to $3 million. It applies to projects requiring prevailing wages under New Jersey's Prevailing Wage Act, such as construction, renovation, or demolition work by public entities like state agencies, counties, or school districts. By reducing the threshold, more projects will be eligible to use PLAs - pre-hire agreements between labor organizations and contractors that set wages, benefits, and work rules for a specific project. The change takes effect immediately upon enactment.