Section 1 Short title
This Act may be cited as the “Investing in Veteran Entrepreneurial Talents Act” or the “Investing in VETS Act”.
Investing in Veteran Entrepreneurial Talents Act
A BILL
To amend the Small Business Act to modify requirements relating to small business concerns owned and controlled by service-disabled veterans, and for other purposes.
Sec. 2 Increase in Governmentwide goal for participation in Federal contracts by small business concerns owned and controlled by service-disabled veterans
Section 15(g)(1)(A)(ii) of the Small Business Act is amended by striking “3 percent” and inserting “5 percent”.
Sec. 3 Certification requirement for small business concerns owned and controlled by service-disabled veterans
Title 38— Paragraph (3) of section 8127(l) of title 38, United States Code, is amended to read as follows:
“(3) The term small business concern owned and controlled by veterans with service-connected disabilities means a small business concern owned and controlled by service-disabled veterans, as defined under section 3(q)(2) of the Small Business Act (15 U.S.C. 632(q)(2)), that is certified by the Administrator of the Small Business Administration.”
in subsection (a), by inserting “that is certified by the Administrator” after “service-disabled veterans”; and
in subsection (b)—
by inserting “that is certified by the Administrator” before “if the contracting officer”; and
by inserting “such” after “not less than 2”.
Prohibition on self-Certification— The Administrator of the Small Business Administration may not allow a small business concern (as defined under section 3 of the Small Business Act (15 U.S.C. 632)) to self-certify as a small business concern owned and controlled by service-disabled veterans (as defined in such section).
Effective date; applicability— This section and the amendments made by this section—
shall take effect 3 years after the date of the enactment of this Act; and
shall apply to contracts entered into on or after such date.