Bill Summary for S 578 (2017-2018)

Summary date: 

Mar 31 2017

Bill Information:

View NCGA Bill Details2017-2018 Session
Senate Bill 578 (Public) Filed Thursday, March 30, 2017
AN ACT TO REQUIRE THE OFFICE OF THE SECRETARY OF STATE TO ANNUALLY COMPILE INFORMATION ABOUT THE NUMBER OF VETERAN-OWNED SMALL BUSINESSES AND SERVICE-DISABLED VETERAN-OWNED SMALL BUSINESSES AND TO PROVIDE THIS INFORMATION TO THE DEPARTMENT OF MILITARY AND VETERANS AFFAIRS.
Intro. by Brown.

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Bill summary

Includes whereas clauses. 

Amends GS 55-1-40 by adding and defining the following terms: annual receipts, articles of incorporation, related person, service-disabled veteran, service-disabled veteran-owned small business, veteran, and veteran-owned small business. Makes technical changes.

Amends GS 55-16-22 by adding that the Secretary of State and Secretary of Revenue must provide space and instructions on the annual report from for a corporation to voluntarily indicate whether it is a veteran-owned small business or a service-disabled veteran-owned small business. The act defines a veteran-owned small business as a business that has annual receipts, combined with the annual receipts of all related persons, that do not exceed $1 million and  one or more veterans own more than 50% of the business. The act defines service‑disabled veteran‑owned small business as a business that has annual receipts, combined with the annual receipts of all related persons, that do not exceed $1 million and one or more service‑disabled veterans own more than 50% of the business.

Requires the Secretary of State to compile summary information, using the information reported under amended GS 55‑16‑22(a4), on the number of veteran‑owned small businesses and the number of service‑disabled veteran‑owned small businesses reporting in this state and annually report this summary information to the Department of Military and Veterans Affairs by March 1.

Amends GS 57D-2-24 to require the Secretary of State to also provide space and instruction on the annual report form for a limited liability company to voluntarily indicate whether it is a veteran-owned small business or a service-disabled veteran-owned small business.

Requires the Secretary of State to compile summary information, using the information reported under amended GS 57D-2-24(a1), on the number of veteran‑owned small businesses and the number of service‑disabled veteran‑owned small businesses reporting in this state and annually report this summary information in the annual report to the Department of Military and Veterans Affairs.

Amends GS 59-84.4 to require the Secretary of State to also provide space and instruction on the annual report form for a registered limited liability partnership or foreign limited liability partnership to voluntarily indicate whether it is a veteran-owned small business or a service-disabled veteran-owned small business.

Requires the Secretary of State to compile summary information, using the information reported under amended GS 59-84.4(a1), on the number of veteran‑owned small businesses and the number of service‑disabled veteran‑owned small businesses reporting in this state and annually report this summary information in the annual report to the Department of Military and Veterans Affairs.

Allows the Office of the Secretary of State and the Department of Revenue to include in the instructions of the annual report forms an explanation that status as a veteran‑owned small business or service‑disabled veteran‑owned small business is being requested to assist the State in documenting the importance and impact of the State's military population in our communities and on our State and local economies. Requires the Office of the Secretary of State to submit the first annual report required by the act by March 1, 2019.

Applies to annual reports filed by business entities on or after January 1, 2018.

 

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