ASSEMBLY COMMERCE, ECONOMIC DEVELOPMENT AND
AGRICULTURE COMMITTEE
STATEMENT TO
ASSEMBLY COMMITTEE SUBSTITUTE FOR
ASSEMBLY, No. 3330
STATE OF NEW JERSEY
DATED: FEBRUARY 22, 2024
The Assembly Commerce, Economic Development and
Agriculture Committee reports favorably an Assembly Committee
Substitute for Assembly Bill No. 3330.
This committee substitute requires the Department of the Treasury
to establish a unified procedure for a business to apply for certification
as an LGBTQ+ business. Under the bill, “LGBTQ+ business” is
defined to mean:
(1) a sole proprietorship, owned and controlled by a person who
identifies as LGBTQ+;
(2) a partnership or joint venture, in which at least 51 percent of
the ownership interest is held by individuals who identify as LGBTQ+
and the management and daily business operations are controlled by
one or more of the individuals who identify as LGBTQ+; or
(3) a corporation or other entity, the management and daily
business operations of which are controlled by one or more individuals
who identify as LGBTQ+ and of which at least 51 percent of the legal
beneficial ownership is held by one or more individuals who identify
as LGBTQ+.
The substitute requires the department, among other items, to
establish criteria to be used:
(1) to determine the status of a business as an LGBTQ+ business;
(2) to deny or revoke the certification of an LGBTQ+ business;
and
(3) by a third-party challenging the qualifications of an applicant to
be certified as an LGBTQ+ business.
The substitute also requires the department to establish a process
for a business to challenge the denial or revocation of an LGBTQ+
certification. The substitute specifies that certain information a
business submits to the department with its application is to remain
confidential. This substitute is consistent with the provisions of
Executive Order No. 295 of 2022, issued by Governor Murphy to
address LGBTQ+ business certification.