Transcript Highlights:

• I'm the Chief Economist at the Legislative Finance Committee.
• This is total construction spending on data centers in the U.S.
• Construction spending is really strong.
• coming from residential construction of housing.
• So on the outside, there could be large non-recurring construction revenue.

Keywords: 996, all

Transcript Highlights:

• , and construction before beginning operation.
• For example, some states have allowed utilities to recover financing costs during construction rather
• They're not privately financed. Is that my question?
• Some of that early development financing can be quite challenging.
• One requires state consent before a facility can be constructed.

Summary: The committee met to review advanced nuclear energy issues in North Dakota, beginning with approval of the April 21, 2022 minutes. Nucleon presented an overview of the advanced reactor landscape, distinguishing light-water SMRs, advanced Gen 4 reactors, and microreactors. The presentation emphasized that light-water SMRs are the most near-term deployable and use familiar low-enriched uranium fuel, while many Gen 4 designs may require high-assay low-enriched uranium (HALU), which is not yet supported by a mature U.S. supply chain. Nucleon also noted that advanced reactors are being developed primarily for industrial heat applications, while microreactors are niche, higher-cost systems for remote or mission-critical uses. Committee members asked about fuel availability, safety, recycling, and whether large reactors such as AP-1000s were evaluated; the presenter said fuel development is proceeding in parallel but remains a bottleneck, and that siting and grid capacity often make SMRs more practical than gigawatt-scale plants in North Dakota. Representatives from the National Association of State Energy Officials described how other states are supporting advanced nuclear through task forces, roadmaps, regional coordination, grants, tax incentives, workforce and supply-chain efforts, and pilot programs. They highlighted the Advanced Nuclear First Mover Initiative and said states are focusing on multi-state coordination, demand aggregation, regulatory coordination, waste management, workforce readiness, and community engagement. They also discussed affordability tools such as construction work in progress (CWIP), financing incentives, and consumer protections, citing examples from Kentucky, Texas, Virginia, Illinois, Missouri, Utah, Tennessee, and others. In response to questions, they explained that pilot programs often involve site-readiness and feasibility studies, and that the federal Nuclear Innovation Campus process is moving forward with multiple submissions while broader waste and recycling policy may require congressional action. The Public Service Commission said it would likely have a major role in any North Dakota nuclear project through certificate-of-public-convenience-and-necessity review, siting, and rate regulation, but noted gaps in current law for small reactors, co-located facilities, NRC coordination, and long-term site stewardship. The commissioner said the commission has no authority over a private, self-contained reactor not connected to the grid. The Department of Environmental Quality explained that the state regulates radioactive materials under its agreement-state authority, but NRC retains primacy over fission reactors; DEQ would likely assist with emergency planning and could have a larger role if fusion reactors emerge. The Department of Emergency Services said it would serve as the lead off-site preparedness agency, requiring a dedicated radiological emergency preparedness program, training, drills, public outreach, and likely additional funding and staffing, with industry expected to bear much of the cost. The Department of Water Resources said North Dakota’s water laws and prior-appropriation system are adequate for nuclear siting, that the Missouri River is the best likely source, and that no statutory or budget changes are currently needed from a water perspective. The committee recessed for lunch after these agency presentations.

Transcript Highlights:

• 2 The Senate Committee on Finance will come to order. Clerk, please call the roll. Huffman?
• The intent is that the GLO constructs the pier. And that Galveston operates it post-construction.
• Welcome to the Senate Finance Committee.
• or plan to award eight total construction contracts on the Orange County our first three construction
• We are slated to award our first construction award as well.

Bills: SB1, SB 1

Keywords: appropriations, budget, state funding, education, healthcare, infrastructure, campground safety, youth camp regulations, flood safety, emergency evacuation, health and safety standards, 1185, senate, all

Transcript Highlights:

• managing their own capital construction managing their own capital construction under<00:01:49.439
• notified the secretary of the finance notified the secretary of the finance administration<00:02
• The school to finance new projects.
• Secretary of the Cabinet of Finance.
• under construction. under construction.

Keywords: 958, all

Summary: The committee first approved the February minutes and noted there had been no March meeting. Staff then provided a series of information items, including quarterly capital project status reports from state agencies and postsecondary institutions, a University of Kentucky equipment purchase report, notice that the committee took no action on certain March transactions, school district debt notices for Fayette and Jessamine counties, lease-space advertisements due to building conditions, a Kentucky Asset/Liability Commission report, and asset preservation project reports from KCTCS and Eastern Kentucky University. The committee then heard and unanimously approved Murray State University’s request for interim authorization to use institutional revenues for a $1.5 million roof replacement at the Curs Center student center. University of Kentucky also received unanimous approval for a $115 million public-private partnership project to expand Parking Structure 7 and the Johnson Center recreation space; testimony emphasized the loss of parking from hospital expansion, increased student enrollment, a planned $21 per semester recreation fee increase, and the goal of improving student retention and campus capacity. Next, the committee received a report on a Kentucky State Police Post 11 renovation in London funded at $1.138 million, with members asking how long the repairs would extend the building’s useful life; KSP said the work was a long-term investment and replacement was still many years away. The committee also approved multiple real property lease actions, including a new CHFS lease in Scott County, several lease renewals for the Commonwealth’s Attorney, CHFS, Transportation Cabinet, and a Secretary of State relocation lease tied to a capital renovation project. Members questioned one Jefferson County lease rate and the witness said it had been in place since 2007. Finally, the Kentucky Infrastructure Authority presented three water loan items, which were rolled and then approved: an $841,383 East Clark County Water District loan for waterline upgrades, a roughly $6.13 million Oldham County Water District loan for US 42 improvements, and a $619,180 increase for Canonsburg Water District’s Schopes Road project due to higher-than-expected bids. The committee then approved eight K-12 school facility issuances, including projects in Clinton, Franklin, Fulton, Lincoln, McLean, Paris, Somerset, and Spencer counties, covering early childhood, new school construction, HVAC, energy conservation, and renovations. The meeting ended with notice of the next meeting date and adjournment.

Transcript Highlights:

• and and construction management services and and construction management services and foreclosure
• and begun construction or completed construction yet.
• and begun construction or completed construction yet.
• and begun construction or completed construction yet.
• and begun construction or completed construction yet.

Keywords: 1187, senate, all

Transcript Highlights:

• Even with GPLET tax abatements, the cost of construction and financing is impacting the financial viability
• The county also received revenue in construction sales tax.
• Could they waive construction? Could they waive the construction sales tax? Development costs?
• The county also received revenue in construction sales tax.
• Livingston certainly could they wave could they waive construction could they waive the construction

Bills: SB1221, SB1293, SB1294, SB1430

Keywords: taxpayer protection, law interpretation, transparency, public hearings, tax policies, GPLET, abatement, tax incentives, local government, property improvement, central business district, property tax, assessment, destruction, proration, Arizona Revised Statutes, Arizona tax corrections act, transaction privilege tax, sales tax, use tax

Summary: The House Ways and Means Committee heard several tax-related bills. SB 1293 would prohibit abating Government Property Lease Excise Tax revenues attributable to school districts, while still allowing abatements for counties, cities, towns, and community college districts. Supporters, including the sponsor, Arizona Tax Research Association, and NFIB, argued that GPLET shifts costs to other taxpayers and the state general fund through school aid backfill, while opponents from the City of Phoenix, City of Mesa, Greater Phoenix Economic Council, and the League of Arizona Cities and Towns said GPLET is an important redevelopment tool that supports urban projects, housing, and long-term tax base growth. After extensive debate over tax shifts, school backfill, and local redevelopment impacts, the committee passed SB 1293 on a 5-3 vote. The committee then considered SB 1294, a clarification to property tax classification rules for property destroyed by fire, flood, or other verifiable accident. The bill would allow assessors to keep the pre-destruction classification in place for up to five years or until a verifiable change in use occurs. The sponsor and Arizona Tax Research Association said the measure restores the prior intent of the law and corrects an inadvertent change. The committee approved SB 1294 with a due pass recommendation by a 6-1 vote, with one present and one absent. Finally, the committee took up SB 1430, an annual technical corrections bill for tax statutes administered by the Department of Revenue. An amendment was adopted to remove a disputed unclaimed-property limitations provision after the sponsor said he would strip out any nontechnical item that drew concern. The Department of Revenue supported the bill and the amendment, and the committee passed SB 1430 as amended by a 7-0 vote, with one present and one absent.

Transcript Highlights:

• This is to construct, equip, and furnish a building for primary health care in Taos County.
• .and we’re in the process of the construction part.
• So this is the second phase of the construction project.
• the legislature, and this is a New Mexico Finance Authority Oversight-endorsed bill.
• I'm the CEO of the New Mexico Finance Authority.

Bills: SB21, SB42, SB81, SB101, SB139

Keywords: SB 21, Medicare supplement, Medigap, open enrollment, guaranteed issue, birthday month enrollment, health insurance, insurance regulation, senior health coverage, elderly, retiree, Medicare beneficiaries, preexisting conditions, underwriting restrictions, premium discrimination, New Mexico insurance law, superintendent of insurance, health care coverage, policy portability, healthcare

Transcript Highlights:

• costs and financing challenges have slowed production.
• So much so that we've seen a 90% decrease in new construction for multifamily rentals.
• In the 2020s, the construction of those starter homes has now dropped to 4%.
• They are returned to the Mortgage Finance Authority upon sale of the home. to the Mortgage Finance Authority
• They would finance that over the long term and enable that to happen.

Keywords: 996, all

Transcript Highlights:

• Welcome to the House Finance Committee.
• , center construction, center construction, strong<00:18:58.640> consumption<00:18:59.200>
• . construction. construction.
• awarded later in the construction cycle. awarded later in the construction cycle.
• contract or construction firm. contract or construction firm.

Keywords: 910, house, all

Transcript Highlights:

• I'm Ruby Lopez, I'm the Finance Director, and I do work with NMFA.
• New Mexico Finance Authority. The Finance Authority is the state's grantee.
• That's over 75 million that are in construction now.
• It's nice to have the Finance Authority there to help us out.
• Joe's Construction know about it.

Transcript Highlights:

• You know, a building will be constructed or something will be constructed; there'll be construction defects
• you know a building will be constructed you know a building will be constructed or<00:26:03.720>
• or or something will be constructed or or something will be constructed there'll<00:26:05.520>
• You know, a building will be constructed or something will be constructed; there'll be construction defects
• to deal with sounds like a financed to deal with sounds like a finance<01:34:03.000> problem<

Keywords: 910, house, all

Summary: The committee heard testimony on several bills related to consumer protection, liquor regulation, construction procurement, and state contracting. On House Bill 565, DCCA and the Office of Consumer Protection stood on written testimony, and a committee member raised a question about whether creators of remains would have to hold them indefinitely if family members did not respond; the member indicated language would be fixed to address that issue. No vote was taken. House Bill 208, dealing with liquor law changes, drew strong support from Scarlet Honolulu and Maui Brewing Company, who said the measure would modernize liquor rules and add guardrails, while the Wine Institute and Anheuser-Busch opposed it as a special tax break or unnecessary expansion of liquor-related authority. Members questioned whether anonymous complaints should be allowed and whether the bill could lead to retaliation; the supporter said complaints should not be anonymous and suggested the Liquor Commission had been accused of writing complaints to target licenses. No action was taken. House Bill 939, concerning taxation of low-ABV spirits-based beverages, received support from Maui Brewing Company and Johnson Brothers, who said it would align tax treatment with existing categories and reduce confusion, while the Wine Institute and Anheuser-Busch opposed it as a narrow tax break that could reduce revenue and should instead be considered in a broader alcohol tax review. House Bill 808, on construction defect insurance or related protections for state projects, drew comments from DAGS, the State Procurement Office, and the Subcontractors Association, with the latter warning it would make state contracting harder and shrink the contractor base; the chair questioned what recourse the state has when defects appear after a project is completed. House Bill 809, addressing procurement and subcontractor-listing corrections, drew opposition from SPO, DAGS, and the Subcontractors Association, while the General Contractors Association supported it; members debated whether a 24-hour correction window would create abuse or simply allow minor ministerial fixes, and the bill’s sponsor said the goal was to reduce bid protests and procurement discretion. No votes or final committee actions were recorded in the excerpt.

Transcript Highlights:

• Good morning, Ashley Leach, um, State Board of Finance here on behalf of Secretary Pro.
• They are regional managers that work hand in hand with our districts in those construction projects.
• Recently, um, Hobbs Hazard got awarded their construction funding request.
• Uh, with an enrollment of 752 students, uh, the construction began in February of 2024.
• It, I mean, this involves, let's say, Finance Committee, the SFA, the SCOC, all three of those.

Transcript Highlights:

• , into finance with policy and finance, into finance with policy and finance, we're<00:02:03.760>
• <00:24:14.400> projects prevailing wage construction projects prevailing wage construction
• workers and construction companies, and we're not talking about big construction companies, even though
• workers and construction companies, and we're not talking about big construction companies, even though
• from Finance. from Finance.

Keywords: 1187, senate, all

Transcript Highlights:

• is consumed by funding or financing water loss mitigation and control projects.
• So a better alignment of water finance and utility finances with the utility's needs would stretch those
• The construction should be completed later this summer.
• Construction should be complete sometime this summer.
• During that time, there was record construction inflation.

Keywords: 1185, senate, all

Transcript Highlights:

• And this amendment before you will just make sure that requests for proposals to finance, construct,
• , that requests for proposals to finance, that requests for proposals to finance, construct,<00:45
• It's not delaying construction.
• It's<00:48:45.119> not<00:48:45.440> delaying<00:48:46.000> construction.
• It's not delaying construction. It's not delaying construction.

Keywords: House streaming session for Thursday, February 12, 2026, 957, house, all

Summary: The House convened with 124 members present, opened with prayer, and approved the previous day’s journal. Members then adopted a congratulatory House resolution honoring the Kent Island High School boys lacrosse team for winning the 2025 Maryland Class 2A state championship. The House also journalized Baltimore City 2026 bond/loan authorization resolutions and moved a series of introductory House bills and bond initiatives through first reading and committee referral without objection. On the special order calendar, House Bill 28, concerning higher education/private career schools advertising, received a favorable report and was ordered printed for third reading. House Bill 226, creating a Department of Disabilities housing programs and affiliated foundations structure, was also reported favorably as amended. Two floor amendments were adopted to that bill: one clarifying that any affiliated foundation may only raise funds or provide support and may not run programs or set policy, and another restoring conflict-of-interest and ethics protections, including limits on family members and public ethics application requirements. A later amendment to HB 226 was rejected by a recorded vote of 95 in the negative, and the bill was ordered printed for third reading. The most extended debate centered on House Bill 229, which increases the Maryland Transportation Authority’s revenue bond limit from $4 billion to $5 billion to help finance the Francis Scott Key Bridge rebuild. One amendment sought to prohibit toll increases without General Assembly approval; its sponsor argued the added borrowing would likely lead to future toll hikes and that elected representatives should vote on them. The floor leader opposed the amendment, saying it would weaken MDTA’s independent rate-setting authority, harm its bond rating, and increase financing costs, while noting the bill is intended to cover bridge reconstruction costs and federal reimbursement timing. After debate, the amendment failed on a recorded vote, and HB 229 was ordered printed for third reading.

Transcript Highlights:

• Next, PED statewide alternatively 2 fuel vehicle stations construction, $1.5 million.
• This is an additional construction funding request.
• You have Lucas Adamillo of Bradbury STEM Construction and Philip Erickson of Bradbury STEM Construction
• to school construction.
• How to finance that in the future.

Transcript Highlights:

• The Finance Authority really works beside them.
• That $300,000 returns to the State Board of Finance. So that's how the law works.
• Just to remind you that we are a broad-based financing agency.
• The Finance Authority, though it has the name 'Finance', doesn't operate with a lot of lending capital
• So with that, I think we'll open a construction application.

Transcript Highlights:

• <00:03:30.239> for also lease purchase financing for also lease purchase financing for equipment
• reppresented in the construction reppresented in the construction industry.<00:27:27.440> Those
• <00:55:28.240> capital that um when you're financing capital that um when you're financing
• c><01:44:06.239> maintain construction, the workers who maintain construction, the workers who
• <01:58:46.320> jobs, but also the union construction jobs, but also the union construction

Keywords: 1187, senate, all

Transcript Highlights:

• We're going to go finance secretary.
• funded from the capital construction funded from the capital construction investment<00:58:25.440
• <01:22:28.560> is portfolio that Wallbuck Construction is portfolio that Wallbuck Construction
• did not bid out for the construction did not bid out for the construction costs<01:24:30.960>
• <01:25:03.760> A the construction. The developer does. A the construction.

Keywords: 0:00:07 Call to Order and Roll Call 0:00:47 Approval of Minutes 0:01:05 Correspondence and Information Items 0:54:15 Lease Rpt from Postsecondary Institutions 0:56:19 Project Rpt from Finance and Administration Cabinet 1:08:46 Lease Rpt from Finance and Administration Cabinet 1:13:00 Rpt from Office of Financial Mgmt - KIA 1:20:00 Office of Financial Management 1:35:50 Adjournment, 958, all

Summary: The meeting began with routine business, including welcoming new committee member Senator Reginald Thomas, approving the minutes, and receiving a correspondence report on several information items. Those items included University of Kentucky research equipment funding, UK capital project funding using federal/private funds, debt issues from McGoffin County and Owen County school districts, lease modifications by the Division of Real Properties, asset preservation project revisions at Eastern Kentucky University and Northern Kentucky University, and Kentucky Communications Network Authority (KCNA) information on Kentucky Wired critical infrastructure. The main discussion focused on a dispute over the Kentucky Wired communication shelters, or “huts,” and related payments under KCNA’s agreement with Asellicom/Excel. Brad Kilby of Asellicom testified that KCNA had not paid for the huts, that Asellicom had not received the alleged $8 million or any later payment, and that Asellicom remained the legal owner. Committee members pressed him on whether payment had been received, whether anyone else might have received it, and whether the lawsuit or dispute resolution process clarified the issue. Kilby said no payment had been received and that the matter was part of ongoing litigation. KCNA Executive Director Doug Hendricks and General Counsel Adam Atkins then testified. They said a certified check for $8.5 million was mailed in July, based on the Finance and Administration Cabinet secretary’s determination that $8.5 million was due under the model procurement code, even though KCNA had initially requested about $12 million to cover a worst-case estimate. They said the contract allowed payment in full or in tranches, that the huts were completed and operational, and that KCNA had not received documentation supporting Asellicom’s higher $10.1 million claim. Members expressed frustration over the missing check and the broader implications for Kentucky Wired, and one member requested that the committee obtain all agency requests related to KCNA/Kentucky Wired since inception; the co-chairs said they would look into making that information available. No formal vote was taken on the dispute during the portion provided.

Transcript Highlights:

• Justin Hurst, Department of Finance.
• George Harris, Department of Finance.
• Elena Powell, Department of Finance.
• Justin Hurst, Department of Finance.
• Finance, welcome. Good afternoon. Again, Devin Mitchell with the Department of Finance.

Summary: The committee heard the May Revision presentation for the Assembly Budget Subcommittee on Education Finance, with public comment focused heavily on K-12 priorities such as universal school meals, kitchen infrastructure, food service and custodial support, youth leadership grants, Special Olympics funding, English learner support, universal pre-K, literacy investments, and concerns about community college funding shifts. Speakers also urged support for expanded learning, teacher recruitment and training, and maintaining or increasing funding for community colleges and student support programs. Finance and the LAO then reviewed the Proposition 98 outlook. Finance said the May Revision lowers the 2025-26 Prop. 98 guarantee to $114.6 billion, about $4.3 billion below January, due mainly to lower revenue estimates, with smaller effects from attendance and property tax changes. The administration also described rebenching for universal transitional kindergarten and a one-time rebench tied to Los Angeles fire-related property tax losses, along with changes to the Public School System Stabilization Account, deferrals, and updated COLA assumptions. The LAO said the budget relies too much on deferrals and one-time funds, creates a structural shortfall, and should instead align ongoing spending with the guarantee and preserve a reserve buffer. Members questioned the TK rebench and the shift of funding from community colleges to K-12, asking why it was being applied retroactively and how colleges would be held harmless. Finance said the changes align funding with where TK costs are being incurred and that reappropriation funding and other adjustments would offset impacts on community colleges. The LAO argued the historical split formula is outdated and should be abandoned in favor of budgeting around current priorities rather than fixed percentages. Members also raised concerns about draining the rainy day reserve and using deferrals, while the LAO said preserving reserves would better protect against future volatility. The committee then moved to specific K-12 and education proposals. Finance outlined May Revision changes including state operations adjustments for the Department of Education, technical trailer bill changes, a $100 million student teacher stipend program administered by Kern County, and updates to the charter school facility grant program. The LAO recommended rejecting the proposed increases for expanded learning, literacy coaches, and the student teacher stipend as currently structured, while supporting the minimum grant increase for expanded learning. Members expressed support for teacher recruitment efforts but questioned whether one-time funding can sustain ongoing programs and whether the student teacher stipend should be targeted to shortage areas or low-income communities.