House Bill 1696 amends Tennessee Code Annotated regarding public contracts by modifying the timeline for payment processing and introducing new reporting requirements for state agencies. Specifically, the bill reduces the timeframe for payments from "forty-five (45) days" to "thirty (30) days" in Section 12-4-703. This change aims to expedite the payment process for businesses contracted by state agencies.

Additionally, the bill introduces a new subsection in Section 12-4-704 that mandates each agency making payments under the revised contract terms to report annually, starting January 10, 2027. The report must include the number of late payments, the total amount of those payments, and any interest paid or remaining unpaid on outstanding late payments. This information is to be submitted to the chairs of the relevant committees in both the Senate and the House of Representatives, enhancing transparency and accountability in public contracting.

Statutes affected:
Introduced: 12-4-703, 12-4-704