This bill amends the Set-Aside Act for Disabled Veterans Businesses by removing the requirement that these businesses must have their principal place of business in the State of New Jersey. The current definition of a "disabled veterans' business" includes the stipulation that the business must be based in the state, but this bill eliminates that condition. As a result, a business can now qualify as a disabled veterans' business if it is independently owned and operated and at least 51% owned and controlled by disabled veterans, regardless of its location.

The intent behind this change is to broaden the pool of eligible businesses and subcontractors that can compete for state contracts, potentially aiding contracting agencies in meeting their goal of awarding at least 3% of their contracts to disabled veterans' businesses. By allowing businesses outside of New Jersey to qualify, the bill aims to enhance opportunities for disabled veterans and improve participation in state contracting processes.

Statutes affected:
Introduced: 52:32-31.2