ASSEMBLY REGULATED PROFESSIONS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 4928

STATE OF NEW JERSEY

DATED:  FEBRUARY 10, 2025

      The Assembly Regulated Professions Committee reports favorably Assembly Bill No. 4928.

      This bill revises eligibility requirements for small businesses participating in a State small business set-aside program.

     The State currently has a small business set-aside program.  This bill clarifies that only businesses without an applicable federal revenue standard established by federal regulations are required to have a certain maximum number of employees.  This bill also alters the definitions of gross revenue from a standard of three years in business to a standard of five years in business.

      The requirements established in this bill will be in addition to any and all rules or regulations, except that these requirements will supersede the rules and regulations adopted as N.J.A.C. 17:13-2.1(a).