Assembly Commerce and Economic Development Committee Statement to Assembly, No. 5062 (May 18, 2023)

Summary

The Assembly Commerce and Economic Development Committee, in a statement dated May 18, 2023, reports favorably Assembly Bill No. 5062. The bill requires that the 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. It states that under current law a women's business enterprise is interpreted as requiring direct ownership by a woman or women. 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. As reported, the bill is identical to Senate Bill No. 3013.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                          STATEMENT TO

                     ASSEMBLY, No. 5062

       STATE OF NEW JERSEY
                             DATED: MAY 18, 2023

           The Assembly Commerce and Economic Development Committee
      reports favorably Assembly Bill No. 5062.
           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.
           As reported by the committee, this bill is identical to Senate Bill
      No. 3013, which was also reported by the committee on this date.


File and source

File

2023-05-18_ACE_A5062_S1.pdf

Size

113,173 bytes

SHA-256

904411e5c85790f2a8da79c1db4d5e1de8da93a7ee0af69515aead7bbf41d08a

Our copy

2023-05-18_ACE_A5062_S1.pdf

Original

No public link identified.