AR HB1660

Adds Arkansas Code § 15-4-221 requiring the Director of the Arkansas Economic Development Commission to file an annual report by January 1 each year on state contracts awarded to businesses in operation less than five years.

Report must include the number and total dollar amount of contracts awarded to young businesses, broken down by demographic segments and geographic areas throughout the state.

Report must include the percentage of total state contracts (both by count and dollar amount) awarded to businesses in operation less than five years compared to total state contracts awarded.

Report must include recommendations for improving access to state contracts for Arkansas businesses in operation less than five years, particularly those in underrepresented demographic segments and geographic areas.

Report must be filed with the Governor, House Committee on Insurance and Commerce, and Senate Committee on Insurance and Commerce; first report due by January 1, 2025.