VA HB842

Redefines "small business" to require 50 or fewer employees (down from 250), average annual gross receipts of $5 million or less (down from $10 million), and owners with combined net worth not exceeding $1.5 million.

Allows public bodies to directly award contracts under $200,000 to certified small, women-owned, minority-owned, service disabled veteran-owned, or military family-owned businesses without competitive bidding or negotiation.

Requires purchases of goods, services, and construction up to $100,000 to be set aside for small businesses, with a price preference of up to 5% over non-certified businesses.

Expands the definition of "state agency" to include counties, cities, and towns for purposes of procurement participation requirements.

Updates cross-references in Criminal Justice Services Board statutes to align with the renumbered definitions section.