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SMALL BUSINESS NEWS

13 Jun 2016

 

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Help for Veteran Owned Businesses In New Mexico

Effective 1 July 2016 New Mexico will enact a new law which will give Veteran Owned Businesses an advantage when it comes to doing business with the state. 

The new law stipulates that when the formal bid process is used resident veteran businesses with annual gorss revenues of up to three million dollars ($3,000,000) in the preceding tax year will be deemed to be ten percent (10%) lower than the bid actually submitted.

When the purchase is made using the formal bidding process and the bids received for both recycled content goods and nonrecycled content goods, the bid submitted for recycled content goods from a resident veteran business with annual revenues of up to three million dollars ($3,000,000) in the preceeding tax year will be deemed to be ten percent (10%) lower than the bid actually submitted.

When the purchase is made using a formal request for proposal process (RFP), not including contracts awarded on a point-based system, resident veteran businesses are awarded an additional ten percent (10%) of the total weight of all factors used in evaluating the proposals to a resident veteran business that has annual gross revenues of up to three million dollars ($3,000,000) in the preceeding tax year.

When the purchase is made using a formal request for proposal process (RFP), and the contract is awarded based on a poing-based system, an additional ten percent (10%) of the total possible points will be awarded to a resident veteran business that has annual gross revenues of up to three million dollars ($3,000,000) in the preceeding tax year.

A veteran business can't benefit from this program for more than 10 consecutive years.

In order to take advantage of these changes in the law a veteran business must be registered in the state of New Mexico as a veteran owned busniess

Sources:
New Mexico HB 93


By Bill Williams

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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