The bill enacts two significant pieces of legislation: the "Low-Carbon Construction Material Rebate Act" and the "Environmental Product Declaration Act." The Low-Carbon Construction Material Rebate Act establishes a rebate program administered by the Department of Environment to incentivize the purchase of low-carbon construction materials. It defines key terms such as "covered construction materials," "emissions baseline," and "low-carbon construction material," and sets forth requirements for environmental product declarations, which must be independently verified and provide a life-cycle assessment of a product's global warming potential. The program will offer rebates up to $500,000 per project and $10 million statewide per fiscal year, with a focus on maximizing emissions reductions.

The Environmental Product Declaration Act creates a program to assist manufacturers in developing environmental product declarations for covered materials, which include various construction materials like concrete, steel, and insulation. The act mandates that these declarations meet specific requirements, including independent verification and adherence to recognized standards. The Department of Environment is tasked with administering this program and will publish annual reports assessing the progress and effectiveness of the environmental product declarations. Additionally, the bill appropriates $25 million from the general fund for the rebate program, with a portion allocated for administrative costs, and establishes an effective date of July 1, 2026.