TN SB1823

Reduces the payment deadline for state agencies paying businesses under public contracts from 45 days to 30 days

Requires each state agency to submit an annual report by January 10, beginning in 2027, detailing the number and total amount of late payments made or outstanding

Annual reports must also include the amount of interest paid on late payments and interest that remains unpaid on outstanding late payments

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

Takes effect immediately upon becoming law