Assembly Commerce and Economic Development Committee Statement to Assembly, No. 723 (January 27, 2020)

Summary

An Assembly Commerce and Economic Development Committee statement to Assembly, No. 723, State of New Jersey, dated January 27, 2020, reporting the bill favorably. The bill would modify eligibility criteria for certification as a minority-owned or women-owned business under State law. A business procuring materials and supplies could be certified even though it does not produce or move inventory on hand, as long as it places an order with a distributor or manufacturer, takes possession by payment, assumes the risk of ownership, and causes the product to be shipped to a customer. The bill was pre-filed for the 2020-2021 session pending technical review.

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ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT COMMITTEE

STATEMENT TO

ASSEMBLY,
No. 723

STATE
OF NEW JERSEY

DATED: JANUARY
27, 2020

The Assembly Commerce and Economic Development Committee
reports favorably Assembly Bill No. 723.

This bill would modify the eligibility criteria for a
business to qualify as a minority-owned or women-owned business under State
law. The bill specifies that an otherwise eligible minority-owned or women-owned
business engaged in the procurement of materials and supplies would be eligible
for certification although the business is not involved in the production or
movement of inventory on hand, as long as the business:

(1) places an order for a product with a distributor
or manufacturer;

(2) takes possession of the materials or supplies in
the order by payment;

(3) assumes the risk of ownership of the materials or
supplies; and

(4) causes the product, materials, or supplies to be
shipped to a customer.

This bill was pre-filed for introduction in the
2020-2021 session pending technical review. As reported, the bill includes the
changes required by technical review, which has been performed.

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