Gov. Chris Christie signed legislation sponsored by Senator Anthony Bucco (R-Morris) to create a state contract set-aside program for disabled veterans to help them grow their businesses.
The Senator’s law, formerly S-1353, requires contracting agencies to establish a goal of setting aside at least 3 percent of their contracts for disabled veterans who independently own at least 51 percent of a business operating in New Jersey. This includes bidding for contracts to complete construction projects, provide goods, equipment or various services.
“Recent reports reveal more than 6 percent of New Jersey veterans are unemployed – that’s higher than the national average,” said Senator Bucco. “This law creates economic opportunities for disabled veterans, we are recognizing their service and sacrifice while helping them contribute to our state’s growing economy and enhancing innovation in New Jersey.”
Contracting agencies will be required to meet with the New Jersey Commerce and Economic Growth Commission on an annual basis to develop a plan and ensure that the agencies are working to meet established goals to help disabled veterans find economic success.
The program will be administered by the Office of Small business Assistance in the New Jersey Commerce and Economic Growth Commission. This law takes effect immediately.