HB1660

House Bill 1660 mandates that the Director of the Arkansas Economic Development Commission (AEDC) submit an annual report concerning state contracts awarded to businesses in operation for less than five years. The report must include the total number and dollar value of such contracts, broken down by demographic and geographic segments. It also requires the report to compare the percentage of contracts and total funding awarded to these newer businesses against the state's overall contract portfolio. Additionally, the Director is required to provide recommendations for improving access to state contracts for these businesses, particularly those in underrepresented demographic groups or regions. This report is to be filed annually by January 1st with the Governor and the relevant legislative committees on Insurance and Commerce. The first report under this mandate is due by January 1, 2025.