Raised Bill No. 5400 Summary

• Increases price preference for veteran-owned micro businesses from 15% to 10% in state procurement contracts for goods and services (effective October 1, 2020).

• Defines "veteran-owned micro business" as a business with gross revenues not exceeding $3 million where at least 51% ownership is held by one or more veterans, with eligibility requirements tied to honorable discharge or qualifying service conditions.

• Establishes 5% contract set-asides for veteran-owned micro businesses in state procurement, municipal public works contracts, and quasi-public agency projects, alongside existing set-asides for small contractors and minority business enterprises.

• Requires the Commissioner of Administrative Services to establish a certification process for veteran-owned micro businesses by January 1, 2021, and to adopt regulations ensuring fair access to competitive state contracts.

• Mandates payment to awarded veteran-owned micro businesses within 25 days of contract payment due dates and requires municipalities and quasi-public agencies to implement similar set-aside programs and reporting requirements.