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 definition of a "disabled veterans' business" is updated to eliminate the stipulation that the business must be located within the state, while still requiring that it is independently owned and operated and at least 51% owned and controlled by disabled veterans. The bill aims to broaden the eligibility criteria for businesses seeking to compete for state contracts, potentially increasing the number of qualified bidders.

By eliminating the principal place of business requirement, the bill seeks to enhance the opportunities for disabled veterans' businesses to secure contracts with state agencies. This change is expected to assist contracting agencies in achieving their goal of awarding at least 3% of their contracts to disabled veterans' businesses, thereby promoting greater participation and support for these enterprises. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 52:32-31.2