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.

HB 1696 changes Tennessee's public contract payment rules by requiring state departments and agencies to pay businesses within 30 days of receiving an invoice, instead of the current 45-day period. It also mandates annual reports by January 10 on late payments made in the previous year, including the number of late payments, their total amount, and any unpaid interest. These reports must be submitted to the chairs of the relevant legislative committees in the Senate and House. The bill directly affects state entities that contract with businesses for property or services and aims to improve payment timing and transparency.