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 three years in business to five years. For businesses that have been operating for five or more years, gross revenues will be calculated as the average of the last five completed tax years. For those in business for less than five years, revenues will be averaged based on the number of weeks in operation, multiplied by 52.

The bill also specifies that if a business has been operating for five or more years but includes a short year, the gross revenue calculation will incorporate the revenue from that short year along with the four full years, averaged accordingly. These new requirements will take precedence over existing rules and regulations, specifically superseding N.J.A.C. 17:13-2.1(a). The act is set to take effect immediately upon passage.