New North Carolina Law to Assess Effects on State Economy of Veteran-Owned Businesses
A new state law, which could potentially affect an estimated 770,000 veterans living in North Carolina, went into effect on January 1. Starting this year, the Secretary of State is required to compile annual information about the number of veteran-owned small businesses and service-disabled veteran-owned small business and share the information with the state’s Department of Military and Veterans Affairs.
Under the new law, a business qualifies if its net annual receipts do not exceed one million dollars and one or more veterans or service-disabled veterans own more than 50 percent. The business owner’s participation is completely voluntary. The Secretary of State is to “provide appropriate space and instructions on the annual report form for a limited liability company to voluntarily indicate whether or not it is a veteran-owned small business or a service-disabled veteran-owned small business."
The primary sponsor of the law, which began as Senate Bill 578, is Senator Harry Brown, a Republican and the majority leader of the N.C. Senate. The text of the law says its purpose is for “documenting the importance and impact of the State's military population in our communities and on our State and local economies.” But, what tangible use the state or the agencies it reports to will make of the data is not clear.
The VA benefits attorneys at Marcari, Russotto, Spencer & Balaban have more than 200 years of combined legal experience. If you or a loved one is having difficulty accessing benefits for a disabling condition, call 866-866-VETS or contact our office online.