The proposed bill, known as the Political Subdivision Contracting Transparency Act, aims to enhance transparency and efficiency in the procurement processes of political subdivisions in Nebraska. It establishes a framework that includes definitions for key terms such as "contracting agency," "prime contractor," and "small business vendor." The act mandates that contracting agencies remit full payment to prime contractors within thirty days of receiving an accepted invoice, and prime contractors must pay subcontractors within seven days of receiving payment from the agency. Additionally, any contract clauses that delay payments beyond these timelines are deemed void.

The bill also requires contracting agencies to provide post-award debriefs to unsuccessful bidders, maintain a public procurement calendar for solicitations over $50,000, and develop a small-business procurement readiness checklist. The Department of Administrative Services is tasked with creating a searchable online procurement calendar, while the Department of Economic Development will develop the checklist in consultation with the Urban Affairs Committee. The act is set to terminate on July 1, 2030, and includes provisions for a performance review by the Urban Affairs Committee in 2029 to assess its effectiveness and make recommendations for its future.