Establishes price preference program on State contracts for minority and women's businesses.

This bill establishes a 10 percent price preference for minority-owned and women-owned businesses competing for New Jersey state contracts that are publicly advertised for bids. State agencies must award the contract to the lowest qualifying bidder after applying the 10 percent preference, or to the business with the lowest actual bid if multiple qualifying businesses bid the lowest. The bill also ensures that surviving spouses who take over a minority or women-owned business remain eligible for the preference during the contract term.