Public Contracts - As enacted, requires a state department, agency, or official who contracts with a business to acquire property or services to make payments under the contract to the business within a certain time frame after receipt of the invoice; requires such state departments, agencies, and officials to annually report to the chairs of the appropriate standing committees of the senate and house of representatives the number and aggregate amount of late payments made for the preceding fiscal year and the amount of interest paid and outstanding on such late payments. - Amends TCA Title 12, Chapter 4.

SB 1823 shortens payment timelines for state contracts in Tennessee, requiring state departments and agencies to pay businesses within 30 days of receiving an invoice (down from 45 days). It also mandates annual reports by January 10 each year, starting in 2027, detailing the number and total amount of late payments made in the prior year, along with unpaid interest. This applies directly to all state entities contracting for property or services, including departments like transportation and education. The bill aims to improve cash flow for businesses by reducing payment delays and increasing transparency through mandatory reporting to legislative committees.