Bill
Bill > H0624
ID H0624
ID H0624Adds to existing law to establish the Commercial Property Assessed Capital Expenditure Act to allow willing owners of certain properties to obtain financing for qualifying improvements.
summary
Introduced
02/22/2024
02/22/2024
In Committee
03/14/2024
03/14/2024
Crossed Over
02/28/2024
02/28/2024
Passed
03/26/2024
03/26/2024
Dead
Signed/Enacted/Adopted
04/02/2024
04/02/2024
Introduced Session
2024 Regular Session
Bill Summary
RELATING TO THE COMMERCIAL PROPERTY ASSESSED CAPITAL EXPENDITURE ACT; AMENDING TITLE 67, IDAHO CODE, BY THE ADDITION OF A NEW CHAPTER 38, TI- TLE 67, IDAHO CODE, TO ESTABLISH A SHORT TITLE, TO PROVIDE LEGISLATIVE FINDINGS AND INTENT, TO DEFINE TERMS, TO AUTHORIZE C-PACE VOLUNTARY SPECIAL ASSESSMENTS BY A LOCAL GOVERNMENT, TO AUTHORIZE A LOCAL GOVERN- MENT TO ESTABLISH A C-PACE PROGRAM, TO PROVIDE PROCEDURES TO ESTABLISH A C-PACE PROGRAM, TO PROVIDE C-PACE PROGRAM REQUIREMENTS, TO PROVIDE FOR A C-PACE APPLICATION AND REVIEW PROCESS, TO PROVIDE FOR AUTHORIZED ACTIONS BY A PROPERTY OWNER, TO REQUIRE THE RECORDATION OF CERTAIN DOCU- MENTS, TO PROVIDE FOR THE EFFECT OF RECORDING, TO PROVIDE FOR CONTRACTS WITH OTHER GOVERNMENTAL ENTITIES, TO AUTHORIZE JOINT IMPLEMENTATION OR ADMINISTRATION, TO PROHIBIT CERTAIN ACTIONS BY A LOCAL GOVERNMENT, AND TO PROHIBIT ANY USE OF FULL FAITH AND CREDIT; PROVIDING SEVERABILITY; AND DECLARING AN EMERGENCY AND PROVIDING AN EFFECTIVE DATE.
AI Summary
This bill adds new law to establish the Commercial Property Assessed Capital Expenditure (C-PACE) Act, which allows local governments in Idaho to voluntarily implement a program that enables willing owners of agricultural, commercial, industrial, or multifamily residential properties to obtain low-cost, long-term financing for qualifying improvements that decrease energy or water usage, increase renewable energy production, or improve resilience. The bill defines key terms, outlines the process for local governments to establish a C-PACE program, sets program requirements, and specifies procedures for the application, review, and implementation of C-PACE projects. The bill also addresses the recording of C-PACE assessments, the authority for local governments to contract with other entities, and prohibitions on certain actions by local governments.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Revenue and Taxation Committee (H)
Last Action
Reported Signed by Governor on March 29, 2024 Session Law Chapter 239 Effective: 07/01/2024 (on 04/02/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.idaho.gov/sessioninfo/2024/legislation/H0624/ |
| BillText | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2024/legislation/H0624.pdf |
| Fiscal Note/Analysis - Statement of Purpose / Fiscal Note | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2024/legislation/H0624SOP.pdf |
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