NJ S3639

Establishes specific contract utilization goals for State agencies based on the 2024 New Jersey Disparity Study, including targets for Black American-owned businesses (7.2% construction, 7.75% professional services), Asian American-owned businesses (5.37% construction), Hispanic American-owned businesses (10.14% construction), and women-owned businesses (24.26% construction, 37.59% professional services)

Requires State agencies to make good faith efforts to meet these goals; agencies that fail must submit remedial action plans to the Chief Diversity Officer, who can ultimately transfer procurement authority to other agencies for non-compliance

Amends the existing "Set-Aside Act" to apply only to small businesses, increasing the small business set-aside goal from 15% to 25% of contracts, while removing minority and female business provisions from that statute

Prime contractors must demonstrate good faith efforts to meet subcontractor diversity goals, including advertising opportunities to minority and women-owned businesses and providing timely notification of subcontracting opportunities; failure may result in bid rejection

Takes effect immediately and applies to contracts awarded 181 days after enactment, with the State Treasurer authorized to adopt emergency regulations for up to 365 days