Prompt Payment Act

(Measure passed House, amended, in lieu of H.R. 4709) Prompt Payment Act - Requires Federal agencies to pay interest penalties on overdue payments to businesses for property or services (excluding disputed payments). Requires the Office of Management and Budget (OMB) to prescribe required payment dates, including specified payment dates for meat food products and perishable agricultural commodities. Specifies procedures for computing such penalties. Directs an agency to pay any interest penalty out of funds made available for the program for which the penalty was incurred. Authorizes Federal grant recipients to provide for the payment of interest penalties on overdue payments on their procurement contracts, except that Federal funds shall not be used to pay such penalties. Entitles an agency to an early payment discount offered by a business only if payment is made within the prescribed time. Requires an agency to pay an interest penalty on any amount overdue. Permits contractors to file claims under the Contract Disputes Act of 1978 for the payment of interest penalties. Prohibits the continued accrual of interest penalties: (1) after such a claim is filed; or (2) for more than one year. Directs each agency to report to OMB annually on interest penalty payments made during the fiscal year. Requires OMB to report to specified congressional committees on agency compliance with this Act. Subjects the Tennessee Valley Authority to the provisions of this Act, but not to regulations promulgated pursuant to this Act.

(Measure passed Senate, amended) Delinquent Payments Act of 1981 - Directs the Administrator of the Office of Federal Procurement Policy to promulgate regulations requiring executive agency contracts to: (1) include due dates for payments; and (2) require agencies to pay interest on overdue payments. Requires additional regulations, with specified payment due terms, for agency contracts for the procurement of meat and meat products, and for perishable agricultural commodities, and for contracts allowing partial payments or deliveries. Sets forth the procedure for computing such interest. Allows an agency to take advantage of a prompt payment discount only if payment is actually made within the specified time. Requires each agency, each year through fiscal year 1987, to report to the Director of the Office of Management and Budget on its performance in making contract payments. Requires the Director to report to specified congressional committees on the performance of all agencies. Subjects the Tennessee Valley Authority to the provisions of this Act, but not to regulations promulgated pursuant to this Act.

(Reported to Senate from the Committee on Governmental Affairs with amendment (without written report)) Delinquent Payments Act of 1981 - Directs the Administrator of the Office of Federal Procurement Policy to promulgate regulations requiring executive agency contracts to: (1) include due dates for payments; and (2) require agencies to pay interest on overdue payments. Requires additional regulations, with specified payment due terms, for agency contracts for the procurement of meat and meat products, and for perishable agricultural commodities, and for contracts allowing partial payments or deliveries. Sets forth the procedure for computing such interest. Allows an agency to take advantage of a prompt payment discount only if payment is actually made within the specified time. Requires each agency, each year through fiscal year 1987, to report to the Director of the Office of Management and Budget on its performance in making contract payments. Requires the Director to report to specified congressional committees on the performance of all agencies. Subjects the Tennessee Valley Authority to the provisions of this Act, but not to regulations promulgated pursuant to this Act.

Delinquent Payments Act of 1981 - Requires Federal agencies to pay interest on overdue payments to businesses for property or services. Specifies the procedure for computing such interest. Requires an agency to pay any such interest charges out of funds appropriated for its programs. Allows an agency to take advantage of an early payment discount only if payment is made within the time specified by the business. Directs each agency to report to Congress annually on interest payments made during the fiscal year.