MS HB1047

Requires all Mississippi state agencies and governing authorities to set aside at least 30% of their anticipated annual commodity purchases for minority-owned, woman-owned, veteran-owned, and disadvantaged businesses (increased from the previous optional 20% maximum)

Allocates the 30% set-aside as follows: 10% to minority-owned businesses (Asian, Black, Hispanic, or Native American owned), 10% to veteran-owned businesses, 5% to woman-owned businesses, and 5% to disadvantaged businesses

Changes the set-aside provision from discretionary ("may") to mandatory ("shall"), requiring agencies and governing authorities to place the order on their minutes

All set-aside purchases must still comply with Department of Finance and Administration purchasing regulations and competitive bidding requirements, with contracts awarded to the lowest and best bidder within each qualifying business category

Effective date of July 1, 2022