AN ACT INCREASING THE THRESHOLD FOR REQUIRING A PERFORMANCE BOND FOR CERTAIN SUBCONTRACTOR BIDS.

HB 6754 raises the threshold for requiring a performance bond from $50,000 to $1 million for subcontractor bids. It directly affects contractors bidding on projects where the total estimated cost of labor and materials is under $1 million, reducing the need for performance bonds on smaller contracts. The bill amends statute section 49-41 to change the financial threshold triggering this bonding requirement. This is a straightforward policy adjustment focused on streamlining requirements for lower-value subcontractor work.