FL S0508

Defines "small business" as an independently owned Florida entity with 50 or fewer full-time employees, net worth not exceeding $5 million, and average annual gross sales not exceeding $5 million (or $1-500K depending on business type) for the previous 3 years.

Requires state agencies to structure contracts to facilitate small business competition and avoid unnecessary contract bundling; agencies must conduct market research and provide written justification before issuing bundled contract solicitations.

Mandates agencies award at least 35 percent of total contract dollars annually to small businesses either directly or as subcontractors, with prime contractors required to use small businesses for at least 35 percent of gross contract amounts.

Prohibits agencies, general contractors, and prime contractors from requiring bid bonds, performance bonds, or other sureties for contracts not exceeding $500,000, and requires subcontractor payment within 14 calendar days of invoice receipt.

Establishes a reporting system through the rules ombudsman to track small business participation in state contracting, requiring annual reports to the Governor and legislative leadership by February 1 each year; effective July 1, 2015.