Sponsored by:
Senator ANTHONY M. BUCCO
District 25 (Morris and Somerset)
Senator ANTHONY R. BUCCO
District 25 (Morris and Somerset)
Co-Sponsored by:
Senators Corrado, Greenstein, Brown and Gopal
SYNOPSIS
Waives business formation and registration fees for establishment of businesses owned by veterans.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the establishment of veteran-owned businesses and supplementing Title 52 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. As used in this section:
“Veteran” means any person who is classified as veteran, pursuant to section 2 of P.L.1987, c.444 (C.38A:3-1.2), including a member of a reserve component of the Armed Forces, who has been honorably discharged.
b. The Department of the Treasury shall waive all business formation and registration fees for the establishment of a for-profit business or a domestic non-profit organization for any eligible veteran. As proof of veteran status to receive business establishment fee exemptions pursuant to this section, a veteran shall include a copy of the veteran’s DD-214 form or a Certificate of Release or Discharge from Active Duty with the veteran’s formation and registration forms. If any forms are being submitted separately or independently, a veteran shall include with each submission proof of veteran status.
c. The State Treasurer shall adopt, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), rules and regulations necessary to implement the provisions of this act.
2. This act shall take effect on the first day of the third month next following enactment, except that the State Treasurer may take any anticipatory administrative action in advance as shall be necessary for the implementation of this act.
STATEMENT
This bill would waive business formation and registration fees for the establishment of veteran-owned for-profit businesses and non-profit organizations. The bill defines veteran as any person who has served in any branch of the Armed Forces of the United States, including a member of a reserve component of the Armed Forces, for at least 90 days who has been honorably discharged. To provide proof of veteran status, a veteran would be required to submit a copy of the veteran’s DD-214 form or a certificate of Release or Discharge from Active Duty with the veteran’s formation and registration forms.
Under current State law, for-profit businesses are required to pay $125, and domestic non-profit organizations are required to pay $75, respectively, along with their business formation applications. This bill would exempt veteran-owned businesses and non-profit organizations from this requirement, and any other business formation and registration fees required for the establishment of a business or non-profit organization. This bill would not change any renewal fees required by law.
In 2016, the state of Pennsylvania enacted legislation to waive business fee requirements for veteran-owned businesses. This legislation would ease the financial requirements for veterans to establish their own businesses and successfully transition to civilian life.