This bill amends Title 72 of the Pennsylvania Consolidated Statutes to establish a framework for Commonwealth capital improvement plans, detailing the responsibilities of state agencies, setting a debt limit for capital projects, and instituting legislative oversight. It introduces new parts and chapters, including definitions related to capital projects, the duties of the Governor and state agencies in preparing and submitting capital improvement plans, and the certification of debt limits by the Auditor General. The Governor is required to prepare an annual capital improvement plan that outlines proposed expenditures, fiscal impacts, and maintenance recommendations, which must be publicly accessible and submitted to key state officials.

Additionally, the bill enforces a prohibition on exceeding the certified debt limit for capital projects, requiring both the General Assembly and the Governor to adhere to this limit when passing or approving capital budget bills. The Auditor General is tasked with certifying the debt limit annually and providing quarterly analyses. Legislative oversight is reinforced through mandated hearings by the Appropriations Committees of both the Senate and House before any legislative action on capital budget bills, ensuring transparency and accountability in the management of capital expenditures.