Bill > HB1374

This bill requires the Director of the Arkansas Economic Development Commission to prepare and submit an annual report by January 1st detailing state contracts awarded to businesses that have been in operation for less than five years. The report must include specific information such as the number and total dollar amount of contracts given to these newer businesses, broken down by demographic segments and geographic areas. The report must also calculate the percentage of contracts and contract dollars awarded to these newer businesses compared to the total state contracts, and provide recommendations for improving access to state contracts for young businesses, particularly those in underrepresented demographic segments and geographic areas of Arkansas. The first such report is mandated to be submitted by January 1, 2027, and must be filed with the Governor and the House and Senate Committees on Insurance and Commerce. The goal appears to be increasing transparency and potentially supporting emerging businesses in the state by tracking and promoting their access to state contract opportunities.

Agriculture and Natural Resources, Education

https://arkleg.state.ar.us/Bills/Detail?id=hb1374&ddBienniumSession=2025%2F2025R