New Jersey State Senator Vin Gopal has introduced legislation that would establish a price preference program on state contracts for service-disabled veteran-owned businesses (SDVOBs).
The price preference would be in the amount of 15 percent, meaning that if a SDVOB is the lowest bidder on a given state contract for which it meets the requirements once the price preference is taken into account, that SDVOB would be awarded the contract. The bill establishes that a company would be considered an SDVOB if it has its principal place of business in New Jersey, is independently owned and operated, and is at least 51 percent owned by a service-disabled veteran or veterans. Businesses that have been verified as SDVOBs by the state's Department of the Treasury or by the United States Departent of Veterans Affairs would also be considered SDVOBs for the purposes of the preference program.
"Our veterans go to incredible lengths to serve and defend our country," said Senator Gopal in a press release. "Those who sacrifice their health or the use of one or more of their limbs in service to our nation make some of the greatest sacrifices of all, and no act can truly repay such selfless service. Even so, by supporting those businesses owned by disabled veterans, we can offer a small but meaningful sign of gratitude for those who have been disadvantaged or challenged as a result of their heroic efforts on behalf of our country."
Read a draft of the legislation at https://www.njleg.state.nj.us/2018/Bills/S4500/4231_I1.HTM.