HB2629 Summary

• Increases aspirational goal for State contracts awarded to minority-owned businesses from 20% to 40%, with at least 20% of minority contracts going to black or African American-owned businesses.

• Removes provisions allowing contractors to request waivers from contract goals, requiring instead that vendors meet established participation goals or face penalties.

• Requires vendors failing to meet contract goals to return all funds allocated but not awarded to black or African American-owned businesses within 60 days of project completion.

• Modifies utilization plan requirements to eliminate references to waiver requests and good faith effort documentation for non-construction contracts.

• Adds reporting requirements including total State procurement budget percentages and revenue procured by black or African American-owned businesses through State contracts.