Bill > A506

This bill establishes a price preference program on state contracts for service-disabled veteran-owned businesses. The bill gives a preference of up to 10% of the contract amount to qualified disabled veterans' businesses, which are defined as businesses that have their principal place of business in the state, are independently owned and operated, are at least 51% owned and controlled by disabled veterans, and have their management and daily operations controlled by one or more disabled veterans or the spouse of a disabled veteran with a permanent and severe disability. If a qualified disabled veterans' business is the lowest bidder with the preference, the state agency must enter into a procurement contract with that business. The bill also provides that if a disabled veteran owner dies during the contract term or bidding process, the business remains eligible for the preference if the surviving spouse acquires the ownership interest.

Military Affairs and Security

https://www.njleg.state.nj.us/bill-search/2022/A506