The bill establishes a new requirement for certain corporations regarding the payment terms for goods and services. Specifically, it mandates that if a corporation's stock qualifies as a federal covered security under the United States Code, it must remit payment within 45 days of receiving the goods or services. This provision aims to ensure timely payments and improve cash flow for suppliers.

Additionally, the bill clarifies that the term "corporation" includes any subsidiary that is wholly owned by a corporation subject to the 45-day payment requirement. This inclusion ensures that the payment obligation extends to subsidiaries, thereby reinforcing the intent of the legislation to promote prompt payment practices within corporate structures.