SENATE STATE GOVERNMENT, WAGERING, TOURISM & HISTORIC PRESERVATION COMMITTEE

STATEMENT TO

SENATE, No. 3401

STATE OF NEW JERSEY

DATED:  JUNE 19, 2025

      The Senate State Government, Wagering, Tourism & Historic Preservation Committee reports favorably Senate Bill No. 3401.

This bill establishes requirements for eligibility when the State implements a 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).

As reported by the committee, Senate Bill No. 3401 is identical to Assembly Bill No. 4928, which was also reported by the committee on this date.