This legislation aims to significantly increase the participation of small business concerns owned and controlled by veterans in federal procurement contracts. It establishes a new governmentwide goal , requiring that not less than 5 percent of the total value of all prime contract and subcontract awards each fiscal year be awarded to these veteran-owned businesses. This initiative seeks to enhance economic opportunities for veterans by ensuring a dedicated share of federal contracting. To achieve this goal, the bill introduces specific contracting mechanisms. Federal contracting officers may award sole source contracts to eligible veteran-owned small businesses under certain conditions, such as the concern being a responsible source and the price being fair and reasonable. Additionally, contracts must be awarded through restricted competition among veteran-owned small businesses when there is a reasonable expectation of at least two such concerns submitting offers at a fair and reasonable price. The bill also expands existing reporting requirements and integrates these new provisions into various sections of the Small Business Act. This includes updating the roles of Business Opportunity Specialists and Commercial Market Representatives, incorporating veteran-owned businesses into the Best in Class Addendum and Scorecard Program, and modifying limitations on subcontracting. These changes ensure comprehensive tracking and support for veteran-owned small businesses across federal procurement activities.