HB 24-1422

House Bill 24-1422 increases the cost threshold for when maintenance projects on state property are considered major "capital renewal" projects from $2 million to $4.7 million. This means that any project costing more than $4.7 million will now be treated as a capital renewal, which likely involves more rigorous planning and oversight. The bill also requires the Department of Personnel to adjust this threshold for inflation every three years starting in 2029 and to publish it online. The governor signed this bill into law on April 29, 2024, and it will take effect on August 7, 2024.

Official Summary

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.)

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