52:32-31.15 Definitions.
315 words·~1 min read·
/nj/title-52/chapter-32/52-32-31-15·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. As used in this act:
"Contracting agency" means the State or any board, commission, committee, authority, instrumentality, or agency of the State over which the Governor exercises executive authority.
"Department" means the Department of the Treasury.
"Economically disadvantaged" means that the owner or owners of a business enterprise:
demonstrate that the ability to compete for State contracts has been impaired due to diminished capital and credit opportunities, as compared to others in the same or similar line of business who are not socially disadvantaged; and
demonstrate a personal net worth that does not exceed a level established by the department, but does not include equity in any personal residence or business for which the person is applying for certification.
"Qualified business enterprise" means a business which has its principal place of business in the State, is independently owned and operated, meets all other qualifications as established in accordance with this act, and is certified for participation in the program by the department.
"Socially disadvantaged" means that the owner or owners of a business enterprise:
demonstrate membership in a racial minority group or show personal disadvantage due to color, ethnic origin, gender, sexual orientation, gender identity, physical disability including, but not limited to, a service-connected disability declared by the United States Department of Veterans Affairs, or its successor, long-term residence in an environment isolated from the mainstream of American society, or location in an area of high unemployment, with such demonstration creating a presumption that may be rebutted; or
demonstrate a business location in a qualified census tract having a poverty rate of 20 percent or more; or a census tract in which the median family income for the census tract does not exceed 80 percent of the greater of the Statewide median family income or the median family income of the metropolitan statistical area in which the census tract is situated.
L.2023, c.300, s.1.