Senate Bill 578 Summary

• Requires the Office of the Secretary of State to annually compile information about veteran-owned small businesses and service-disabled veteran-owned small businesses in North Carolina and report findings to the Department of Military and Veterans Affairs by March 1 of each year.

• Defines "veteran" as an individual entitled to benefits or rights under U.S. law due to service in the Armed Forces, and "veteran-owned small business" as a business with net annual receipts not exceeding $1,000,000 where veterans own more than 50% of the business.

• Defines "service-disabled veteran" as a veteran with a disability incurred or aggravated during military service, and "service-disabled veteran-owned small business" using the same revenue threshold and ownership percentage requirements as veteran-owned businesses.

• Amends corporate, limited liability company, and limited liability partnership annual report forms to include optional fields allowing businesses to voluntarily indicate whether they qualify as veteran-owned or service-disabled veteran-owned small businesses.

• Becomes effective January 1, 2018, with the first annual report due to the Department of Military and Veterans Affairs no later than March 1, 2019.