Assembly Commerce, Economic Development and Agriculture Committee Statement to Assembly, No. 3330 (2024)

Summary

Statement of the Assembly Commerce, Economic Development and Agriculture Committee, State of New Jersey, dated February 22, 2024, reporting favorably an Assembly Committee Substitute for Assembly Bill No. 3330. The substitute requires the Department of the Treasury to establish a unified procedure for a business to apply for certification as an LGBTQ+ business. The definition covers a sole proprietorship owned and controlled by a person who identifies as LGBTQ+, and partnerships and corporations in which individuals who identify as LGBTQ+ own at least 51 percent. The department is to set criteria for certification, denial, revocation and third-party challenges, and a process to challenge a denial or revocation. The statement says the substitute is consistent with Executive Order No. 295 of 2022, issued by Governor Murphy.

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ASSEMBLY COMMERCE, ECONOMIC DEVELOPMENT AND AGRICULTURE
COMMITTEE

STATEMENT TO

ASSEMBLY COMMITTEE
SUBSTITUTE FOR

ASSEMBLY,
No. 3330

STATE
OF NEW JERSEY

DATED: FEBRUARY
22, 2024

The Assembly Commerce, Economic Development and
Agriculture Committee reports favorably an Assembly Committee Substitute for Assembly
Bill No. 3330.

This committee substitute requires the Department of
the Treasury to establish a unified procedure for a business to apply for
certification as an LGBTQ+ business. Under the bill, “LGBTQ+ business” is
defined to mean:

(1) a sole proprietorship, owned and controlled by a
person who identifies as LGBTQ+;

(2) a partnership or joint venture, in which at least
51 percent of the ownership interest is held by individuals who identify as
LGBTQ+ and the management and daily business operations are controlled by one
or more of the individuals who identify as LGBTQ+; or

(3) a corporation or other entity, the management and
daily business operations of which are controlled by one or more individuals
who identify as LGBTQ+ and of which at least 51 percent of the legal beneficial
ownership is held by one or more individuals who identify as LGBTQ+.

The substitute requires the department, among other
items, to establish criteria to be used:

(1) to determine the status of a business as an LGBTQ+
business;

(2) to deny or revoke the certification of an LGBTQ+
business; and

(3) by a third-party challenging the qualifications of
an applicant to be certified as an LGBTQ+ business.

The substitute also requires the department to
establish a process for a business to challenge the denial or revocation of an
LGBTQ+ certification. The substitute specifies that certain information a
business submits to the department with its application is to remain
confidential. This substitute is consistent with the provisions of
Executive Order No. 295 of 2022, issued by Governor Murphy to address LGBTQ+
business certification.

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