The proposed bill, General Assembly Proposed Bill No. 6754, seeks to amend subsection (b) of section 49-41 of the general statutes by increasing the threshold for requiring a performance bond for subcontractor bids. Specifically, the bill raises the threshold from bids with a total estimated cost of labor and materials of less than fifty thousand dollars to those under one million dollars.

This change aims to reduce the financial burden on subcontractors by allowing them to submit bids without the requirement of a performance bond for larger projects, thereby potentially increasing competition and participation in the bidding process. The bill reflects a significant adjustment in the financial parameters governing subcontractor bids, promoting a more accessible environment for subcontractors in the construction industry.