Removes residency requirement for certain veteran and disabled veteran-owned businesses.

This bill removes a residency requirement for businesses owned by veterans or disabled veterans in New Jersey. Currently, owners must be New Jersey residents to qualify for state contracts as veteran-owned businesses. The change applies only to small and medium-sized businesses (as defined by the New Jersey Economic Development Authority) and allows owners living in other states to qualify if their business has its principal place in New Jersey. It does not alter the existing 51% ownership requirement by veterans or disabled veterans. This update enables more veteran-owned businesses to compete for state contracts without requiring the owner to reside in New Jersey.