New Jersey Senate Bill S1330

New Jersey 2022-2023 Regular Session

• Introduced: 2/3/22
• Refer: 2/3/22

Caption

Creates certain assistance and set-aside programs for businesses owned by lesbian, gay, bisexual, or transgender persons, by persons with a disability, and by veterans.

Impact

This legislation will enable the New Jersey Economic Development Authority (EDA) to waive bonding requirements for eligible businesses, making it easier for them to participate in projects financed by the authority. Additionally, the bill allows the Division of Revenue in the Department of the Treasury to create loan programs and provide technical and managerial assistance to support these businesses. The establishment of set-aside programs may help ensure a certain percentage of state contracts are awarded to qualified businesses owned by LGBT persons, veterans, and individuals with disabilities.

Summary

Senate Bill S1330 establishes assistance and set-aside programs for businesses owned by individuals who identify as lesbian, gay, bisexual, transgender, persons with disabilities, or veterans in the state of New Jersey. The bill recognizes the historical discrimination faced by these groups and aims to increase their participation in the economic landscape of the state. It requires that eligible businesses meet certain criteria, including being independently owned and controlled and having at least 51% ownership by individuals from these defined groups.

Contention

Opponents of the bill may raise concerns about potential favoritism or a lack of competitiveness in procurement processes influenced by set-aside quotas. They could argue that such programs might inadvertently create barriers for businesses outside these designated categories, leading to a contentious debate over the appropriateness of using set-aside measures as a means of promoting inclusive economic development. Nevertheless, supporters argue that this bill is essential to rectify years of inequality and to bolster economic opportunities for underserved communities.