Veterans' Affairs Committee
Government Administration and Elections Committee
AN ACT SUPPORTING VETERAN-OWNED SMALL BUSINESSES
SUMMARY: This act increases, from 10% to 15%, the maximum price preference the Department of Administrative Services can give micro businesses owned by veterans for open market orders or contracts. A price preference is the percentage by which a bid may be reduced for purposes of awarding a contract to the lowest qualified bidder.
By law, a “micro business” is a business with gross revenue of up to $3 million in the most recently completed fiscal year. Under the act, a “veteran-owned micro business” is any micro business in which at least 51% of the ownership is held by one or more veterans.
As under existing law, a “veteran” is anyone honorably discharged or released from active service in the U. S. Armed Forces or their reserve components, including the Connecticut National Guard performing duty under Title 32 of (e. g. , certain Homeland Security missions).
EFFECTIVE DATE: October 1, 2016
OLR Tracking: DC; SD: PF; bs