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Senate Commerce Committee Statement — Senate Bill No. 3013, Women's Business Enterprise (January 26, 2023)

Summary

Senate Commerce Committee Statement to Senate, No. 3013, State of New Jersey, dated January 26, 2023. The committee reports Senate Bill No. 3013 favorably. The bill requires the various statutory definitions of women's business enterprise to include businesses owned, in whole or in part, by an irrevocable trust of which the majority of beneficiaries or trustees are women. The statement says current law is interpreted as requiring direct ownership by a woman or women, and that the addition would accommodate indirect ownership through an irrevocable trust. The bill also waives any waiting period before re-application by an enterprise previously denied certification or re-certification as a women-owned business that would now qualify.

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“Senate Commerce Committee Statement — Senate Bill No. 3013, Women's Business Enterprise (January 26, 2023).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-01-26-scm-s3013-s1-3c4a257b70/, SHA-256 cbf7e80cdd2e1a25cd744179eedba1cbc890b933e2fe3733d4b4b56bef91d9af.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 3013

 STATE OF NEW JERSEY
                    DATED: JANUARY 26, 2023

     The Senate Commerce Committee reports favorably Senate Bill
No. 3013.
     This bill requires that the various statutory definitions of women’s
business enterprise include businesses owned, in whole or in part, by
an irrevocable trust of which the majority of beneficiaries or trustees
are women.
     Under current law, a women’s business enterprise is interpreted as
requiring direct ownership by a woman or women. A women’s
business enterprise is generally defined as a business that has its
principal place of business in this State, is independently owned and
operated, and is:
     (1) a sole proprietorship owned and controlled by a woman;
     (2) a partnership or joint venture owned and controlled by women
in which at least 51 percent of the ownership is held by women and the
management and daily business operations of which are controlled by
one or more women who own it; or
     (3) a corporation or other entity whose management and daily
business operations are controlled by one or more women who own it,
and which is at least 51 percent owned by women, or if stock is issued,
at least 51 percent of the stock is owned by one or more women.
     This bill supplements the various definitions to include a business
that has its principal place of business in this State and is owned, in
whole or in part, by an irrevocable trust of which the majority of
trustees and beneficiaries are women.              This addition would
accommodate indirect women ownership of the business through an
irrevocable trust, an estate planning tool often utilized to preserve
family ownership of a business over the course of multiple
generations.
     This bill also waives any waiting period prior to re-application by
any enterprise which previously had been denied certification or re-
certification as a women-owned business that would now qualify for
such status.

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