HB24-1422
Capital Renewal Project Cost Threshold
Concerning the cost threshold of controlled maintenance projects for capital renewal.
Session:
2024 Regular Session
Subjects:
Bill Summary
Capital Construction
State Government
The act increases the cost threshold above which a controlled maintenance project of real property is deemed to be "capital renewal" (cost threshold) from $2 million to $4.7 million. The act also requires the department of personnel to adjust the cost threshold for inflation every 3 years beginning on January 1, 2029, and to publish the cost threshold on its website.
APPROVED by Governor April 29, 2024
EFFECTIVE August 7, 2024
(Note: This summary applies to this bill as enacted.)