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

This bill creates a price preference program for New Jersey state contracts, giving eligible minority and women-owned businesses a competitive advantage when bidding on publicly advertised contracts funded by state money. Under the new rules, state agencies can offer up to a 10 percent price preference to these businesses, meaning their bids are evaluated as if they were 10 percent lower than the actual quoted price. If a minority or women-owned business qualifies for the preference and becomes the lowest bidder after this adjustment, the state must award the contract to them. The legislation also ensures that if a minority or women business owner dies during a contract term or bidding process, the surviving spouse who inherits ownership retains eligibility for the preference.