TN HB1696

Reduces the state agency payment deadline to businesses under public contracts from 45 days to 30 days

Requires each state agency making contract payments to submit annual reports by January 10, beginning in 2027

Annual reports must include the number and aggregate amount of late payments made and outstanding

Reports must also disclose interest paid on late payments and interest remaining unpaid on outstanding late payments

Reports are submitted to the Senate State and Local Government Committee chair and the House committee chair with jurisdiction over public contracts