PUBLIC CONTRACTS: Establishes the La. State Contract Minority Business Opportunity Act to increase minority-owned and disadvantaged business participation in state contracting (OR INCREASE GF EX See Note)

HB 764 establishes the Louisiana State Contract Minority Business Opportunity Act to increase participation by minority-owned and disadvantaged businesses (MBE/DBEs) in state contracts. It sets mandatory participation goals: 30% of total state contract dollars by 2031-2032 (with interim targets), 25% for construction contracts over $50,000, and 30% for professional services over $25,000. State agencies and prime contractors must track participation, report quarterly, and implement outreach, while noncompliance may trigger payment withholdings or contract disqualification. The law requires a disparity study by 2027 to update goals based on market data and mandates annual public reporting on progress.