The bill proposes to update current statutes regarding the rental rates for state-owned buildings as part of the management of state properties. Specifically, it would insert new language establishing that the capital outlay stabilization fund rental rates for fiscal year 2026-2027 will remain at $17.87 per square foot for office space and $6.43 per square foot for storage space. This provision is intended to ensure consistency in rental rates for the specified fiscal year.

Additionally, the bill includes a provision that it will become effective on the general effective date, which is standard for budget reconciliation bills. The current statute regarding the rental rates remains unchanged, but the bill clarifies and reaffirms these rates for the upcoming fiscal year, ensuring that they are explicitly stated in the law.