Defense Innovation and Small Business Momentum Act of 2024

This bill exempts small defense contracts under $7.5 million from standard cost data requirements, directly affecting small businesses and nontraditional defense contractors. It creates a new program under federal law allowing these entities to receive simplified contracts for innovative technology projects without submitting detailed cost data. The Secretary of Defense must update procurement regulations (DFARS) to implement this streamlined process across all relevant contracts. The policy change aims to accelerate contracting for smaller, innovative projects while maintaining oversight for larger awards.