This bill establishes new eligibility requirements for the State's small business set-aside program, supplementing Title 52 of the Revised Statutes. It clarifies that the maximum number of employees criterion will only apply to businesses that do not meet the federal revenue standard set by 13 CFR s.121.201. Additionally, the bill modifies the calculation of gross revenues for small businesses, changing the requirement from a three-year standard to a five-year standard for businesses that have been operational for five or more completed years. For businesses that have been in operation for less than five years, the gross revenue will be calculated based on the total revenue divided by the number of weeks in business, multiplied by 52.

The bill also specifies that if a business has been operational for five or more years but includes a short year, the gross revenue will be calculated by averaging the revenue of the short year and the four full years. These new requirements will be in addition to existing rules and regulations but will take precedence over the specific regulations outlined in N.J.A.C. 17:13-2.1(a). The act is set to take effect immediately upon passage.