Trenton – In an effort to promote and support veteran-owned businesses, the Senate Military and Veterans’ Affairs Committee today advanced legislation sponsored by Senator Troy Singleton that would waive business formation and registration fees for the establishment of veteran-owned businesses as well as revise the “Set-Aside Act for Disabled Veterans’ Businesses”.
The first bill, S-1807, would waive business formation and registration fees for the establishment of veteran-owned for-profit businesses and non-profit organizations.
“In recognition of the many sacrifices men and women in the military have made in service to our nation, we must do all that we can to support veteran-owned businesses back here at home,” said Senator Singleton (D-Burlington). “Providing protections, simplifying the process, and removing unnecessary financial barriers for these businesses are concrete ways we can assist these courageous individuals as they seek to build, establish and grow their civilian livelihoods.”
The second bill, S-2249, would amend the current law to revise the number of qualified disabled veterans’ businesses required to set aside a contract under the “Set-Aside Act for Disabled Veterans’ Businesses” from three businesses to two.
The bills were released from committee by unanimous votes of 5-0, respectively.