This bill mandates that leases for land, buildings, or space by state agencies must be set at a fair market rate, unless a sub-market rate is mutually agreed upon by the property owner. The new legal language introduced in RSA 4:39-g specifies that any renewal of such leases between a political subdivision and the state must adhere to this fair market value requirement. Additionally, it clarifies that any extra costs, such as utilities and custodial services, should be negotiated separately. However, this requirement does not apply to leases obtained through a competitive selection or bidding process.

The bill also includes a provision for its effective date, stating that it will take effect 60 days after its passage, which is set for September 5, 2025. The insertion of the new section 4:39-g into current law establishes a clear framework for how state agency leases should be handled, promoting transparency and fairness in the leasing process.