HB3864 Summary

• Increases aspirational goal for minority-owned business contracts from 30% to 40% of total state contract dollar amounts.

• Establishes requirement that at least 20% of minority-owned business contracts must be awarded to black or African American owned businesses.

• Removes provisions allowing contractors to request waivers from contract participation goals and eliminates language permitting good faith effort exemptions.

• 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.

• Expands annual reporting requirements to include tracking of revenue procured by black or African American owned businesses through state contracts.