If enacted, this bill would update current statutes by establishing specific rental rates for state-owned buildings for the fiscal year 2025-2026. The new provisions would set the rental rate at $17.87 per square foot for office space and $6.43 per square foot for storage space, which would be inserted into the existing legal framework. This change is significant as it provides clear financial guidelines for the management of state buildings, ensuring that rental rates are standardized for the specified fiscal year.

The bill also includes a provision that overrides a specific existing statute, section 41-792.01, subsection D of the Arizona Revised Statutes, which may have previously governed rental rates. By doing so, it allows for the new rates to take precedence, thereby updating the legal framework to reflect the current fiscal needs and budgetary considerations for state-owned properties.