Metro

5 facts you should know about NY’s new veterans law

According to the US Department of Veterans Affairs, New York state is home to nearly 900,000 veterans, with 600,000 having served during periods of conflict. And according to Gov. Andrew Cuomo’s office, approximately 106,000 service-connected disabled veterans live in the state.

So it’s welcome news that, just last week, Cuomo signed a law awarding 6 percent of state contracts to businesses owned by disabled veterans. (By comparison, the federal government has a 3 percent goal for awarding contracts to disabled veteran-owned businesses.) With the law in effect immediately, here’s everything you need to know about the Service-Disabled Veteran-Owned Business Act:

1. The legislation will create the Division of Service-Disabled Veterans’ Business Development within the Office of General Services, says Ryan Letts, NYC veteran business advisor at the Brooklyn Small Business Development Center, which will oversee the program and certify eligible businesses.

2. It will compile a public directory of disabled-veteran-owned businesses.

3. The law calls for an annual reporting process on progress meeting the 6 percent goal.

4. The law is an extension of the Jobs for Heroes program, which created a state-contract preference for service-connected, disabled-veteran-owned small businesses in New York state, and the Hire-a-Vet tax credit of up to $10,000 offered to any business that hires a veteran returning home from military service.

5. Eligible businesses can get certified at New York state’s Office of General Services Web site. Once certified, vet-run companies can bid on state contracts.