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SB 885 Small Business and Supplier Diversity, Department of; clarifies definition of small business.
SUMMARY AS PASSED: (all summaries)
Department of Small Business and Supplier Diversity; definition of small business. Changes the definition of small business to require the business, together with affiliates, to meet the small business size standards established by the regulations of the U.S. Small Business Administration. Currently, a small business is required to have 250 or fewer employees or average annual gross receipts of $10 million or less averaged over the previous three years. The bill requires the Secretary of Commerce and Trade to convene a workgroup of interested stakeholders to examine the definition of small business in the Code of Virginia and report its findings and recommendations to the Governor and General Assembly on or before December 1, 2015. The bill will not become effective unless reenacted by the 2016 Session of the General Assembly. This bill is identical to HB 1901.