SB128:

Small Business and Supplier Diversity, Department of; redefines 'small business.'

Bill Summary:

Department of Small Business and Supplier Diversity;
definitions; small business. Redefines "small business" for the
purpose of programs for the Department of Small Business and Supplier
Diversity and programs for the Virginia Public Procurement Act to
allow a cooperative association organized pursuant to Chapter 3 (Cooperative
Associations) of Title 13.1 as a nonstock corporation to qualify
as a small business if it is at least 51 percent independently controlled
by one or more members who are U.S. citizens or legal resident aliens
and, together with affiliates, has 250 or fewer employees or average
annual gross receipts of $10 million or less averaged over the previous
three years.