8(a) Modernization Act - Amends the Small Business Act to increase the thresholds for the award by the Small Business Administration (SBA) of government procurement and service contracts and subcontracts to certain small businesses owned by socially and economically disadvantaged individuals from: (1) $5 million to $12 million, in the case of small business manufacturers; and (2) $3 million to $10 million, in the case of other small businesses.
Requires the SBA Administrator to establish, for each industry classification, a maximum level of net worth for an economically disadvantaged individual (for purposes of eligibility for the contract award program). Prohibits the Administrator from establishing a maximum net worth that prohibits program entry of less than $750,000.