Legislation sponsored by Assemblyman Jack Conners to help veteran-owned businesses benefit from economic development contracts was approved 74-1-1 Thursday by the Assembly.
The bill (A-3308) would create a state contract set-aside program for veteran-owned businesses to be administered by the New Jersey Economic Development Authority.
The measure is part of the Legislature’s Back to Work NJ jobs and economic development initiative.
“The goal is to ensure at least 3 percent of these economic development contracts be set aside for veteran-owned businesses,” said Conners (D-Camden/Burlington). “It’s not easy owning any business these days, but it’s especially difficult for veterans who may have seen their operation disrupted by being called to active duty. This would create economic opportunities for veterans and recognize their service and sacrifice.”
Under the bill, a veteran-owned business is defined as a business which has its principal place of business in New Jersey, is independently owned and operated and at least 51 percent of the business is owned and controlled by persons who are veterans.
The bill was previously released by the Assembly Military and Veterans’ Affairs Committee chaired by Conners.