Truth in Small Business Contracting Credit Act of 2022

Bill: 117-hr-7685
Sponsor: full_name: Rep. Meuser, Daniel [R-PA-9]
Introduced: 2022-05-06
Policy area: Commerce
Latest action: action_date: 2022-05-06
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2022-05-06
action_desc: Introduced in House
text: <p><b>Truth in Small Business Contracting Credit Act of 2022</b></p> <p>This bill permits a federal agency to credit a single prime contract no more than two times for the purpose of meeting the annual governmentwide goals for procurement contracts awarded to small businesses.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7685 IN THE HOUSE OF REPRESENTATIVES May 6, 2022 Mr. Meuser introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to limit the ability of a Federal agency to claim credit for meeting goals for contracting with small business concerns, and for other purposes.

1. Short title This Act may be cited as the Truth in Small Business Contracting Credit Act of 2022 . 2. Limitation on Federal agency credit for meeting contracting goals Section 15(g) of the Small Business Act ( 15 U.S.C. 644(g) ) is amended by adding at the end the following new paragraph: (4) Limitation on credit for meeting contracting goals (A) In general A Federal agency may allocate credit for a single prime contract not more than two times for purposes of demonstrating compliance with the Governmentwide goals established under paragraph (1)(A). (B) Allocation of credit The first allocation of credit described in subparagraph (A) shall be applied toward the goal described in paragraph (1)(A)(i). A second allocation of such credit shall be applied as follows: (i) If the prime contract was awarded pursuant to a requirement to set aside such prime contract for a small business concern described in clause (ii), (iii), (iv), or (v) of paragraph (1)(A), the credit shall be applied toward the goal described in the appropriate clause that corresponds with the award. (ii) If the prime contract was not awarded pursuant to a requirement to set aside such prime contract for a small business concern described in clause (ii), (iii), (iv), or (v) of paragraph (1)(A), the credit shall be applied toward any applicable goal described in such paragraph (1)(A). (C) Credit defined In this paragraph, the term credit means the value of a prime contract. .