Commercial property
COMMERCIAL PROPERTY – Adds 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.

RS31389 / H0624

Commercial Property Assessed Capital Expenditure Act (CPACE) is a financing structure in which commercial building owners borrow money for certain energy and water-related projects and make repayments via an assessment on their property tax bill. The financing arrangement then remains with the property even if it is sold, facilitating long-term investments in building performance. CPACE is funded by private investors and administered by local government. Local governments, lenders, and commercial building owners must enter this program voluntarily. There is no impact on property taxpayers.

This legislation causes no additional expenditure of funds at the state or local level of government nor does it cause an increase or decrease in revenue for state or local government, therefore, the legislation has no fiscal impact.

Bill Events
Date Description
02/22 Introduced, read first time, referred to JRA for Printing
02/23 Reported Printed; Filed for Second Reading
02/26 Read second time; Filed for Third Reading
02/27 U.C. to hold place on third reading calendar one legislative day
02/28 Read Third Time in Full – PASSED - 48-18-4
AYES – Achilles, Allgood, Berch, Blanksma, Bundy, Burns, Cannon, Cheatum, Chew(Hansen), Clow, Cornilles, Crane(13), Dixon(1), Dixon(24), Durrant, Ehlers, Erickson, Furniss, Gannon, Garner, Handy, Healey, Hill, Holtzclaw, Horman, Lanting, Manwaring, Mathias, McCann, Mickelsen, Miller, Monks, Necochea, Nelsen, Petzke, Pickett, Raybould, Raymond, Roberts, Rubel, Sauter, Shepherd, Vander Woude, Weber, Wheeler, Wroten, Yamamoto, Mr. Speaker
NAYS – Alfieri, Andrus, Barbieri, Boyle, Ehardt, Gallagher, Hawkins, Kingsley, Lambert, Mendive, Mitchell, Price, Redman, Scott, Skaug, Tanner, Wisniewski, Young
Absent – Crane(12), Galaviz, Green, Palmer
Floor Sponsor - Blanksma
Title apvd - to Senate
02/29 Received from the House passed; filed for first reading
02/29 Introduced, read first time; referred to: Local Government & Taxation
03/14 Reported out of Committee with Do Pass Recommendation; Filed for second reading
03/15 Read second time; filed for Third Reading
03/20 Retained on calendar
03/21 Read third time in full – PASSED - 21-13-1
AYES – Adams, Anthon, Bernt, Cook, Grow, Guthrie, Hartgen, Just, Lakey, Lee, Lent, Rabe, Ricks, Ruchti, Schroeder, Semmelroth, Taylor, VanOrden, Ward-Engelking, Winder, Wintrow
NAYS – Bjerke, Carlson, Den Hartog, Foreman, Harris, Hart, Herndon, Lenney, Nichols, Okuniewicz, Toews, Trakel, Zuiderveld
Absent and excused – Burtenshaw
Floor Sponsor - Bernt
Title apvd - to House
03/22 Returned from Senate Passed; to JRA for Enrolling
03/25 Reported Enrolled; Signed by Speaker; Transmitted to Senate
03/25 Received from the House enrolled/signed by Speaker
03/25 Signed by President; returned to House
03/25 Returned Signed by the President; Ordered Transmitted to Governor
03/26 Delivered to Governor at 3:51 p.m. on March 25, 2024
04/02 Reported Signed by Governor on March 29, 2024
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