requiring leases of land, buildings, or space by state agencies to be at fair market value.

HB 694 requires all state agencies to lease land, buildings, or space at fair market value, directly affecting state agencies that manage property leases. The bill mandates that lease agreements cannot be below current market rates, preventing below-market deals that could save taxpayer funds. It became law after passing committee and legislative votes, with Governor Ayotte signing it on July 7, 2025, and taking effect September 5, 2025. This policy change ensures state property leases align with standard commercial rates.