HB1374

House Bill 1374 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 number and total dollar value of such contracts, broken down by demographic segments and geographic areas. Additionally, the report must calculate the percentage of state contracts and total contract dollars awarded to these newer businesses compared to the state's overall contracting totals. The Director is also required to provide recommendations for improving access to state contracts for these businesses, particularly those in underrepresented demographics or regions. This report is to be filed annually by January 1 with the Governor and the relevant House and Senate Committees on Insurance and Commerce. The inaugural report is scheduled to be submitted by January 1, 2027.