New Jersey Assembly Bill A2351

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Removes residency requirement for certain veteran and disabled veteran-owned businesses.

Impact

By removing the residency requirement, AB 2351 aims to enhance business opportunities for veterans and disabled veterans, potentially increasing the number of eligible businesses that can bid for state contracts. This legislative change is expected to provide a significant boost to these entrepreneurs by allowing them to tap into state resources and contracts without being limited by residency. Moreover, the bill complements ongoing efforts to support veteran-owned businesses by making the qualifying process more inclusive and accessible.

Summary

Assembly Bill 2351 seeks to amend existing legislation surrounding the requirements for certification as a veteran or disabled veteran-owned business in New Jersey. Specifically, it proposes to eliminate the prerequisite that the business owner must be a resident of New Jersey. This change is targeted at small and medium-sized businesses that qualify under criteria set by the New Jersey Economic Development Authority. The intent behind this removal is to broaden eligibility and facilitate competition among veteran and disabled veteran entrepreneurs who may reside in other states but operate businesses within New Jersey.

Contention

While the bill is likely to foster growth in the veteran community, it has sparked some discussion regarding its potential implications. Critics may point to concerns about out-of-state businesses competing for contracts that could otherwise benefit local veteran-owned businesses, thereby sparking a debate on the balance between expanding opportunities versus maintaining local support. However, proponents argue that the current structure is overly restrictive and that this change aligns with the goal of increasing overall competition and support for veterans in the business landscape.