The proposed bill establishes the Washington Health Trust, a nonprofit entity designed to provide comprehensive health insurance coverage to all residents of Washington State. It aims to cover essential health benefits, including medical, dental, vision, and prescription drug services, without imposing premiums, deductibles, or copayments. The bill emphasizes inclusivity, prohibiting discrimination based on race, age, disability, or other factors, and ensures that participating providers are reimbursed for essential health benefits. A board of trustees will govern the trust, with members possessing expertise in health care financing and delivery, and the bill includes provisions for advisory committees to guide budget decisions and health service priorities.

Additionally, the bill introduces a long-term capital gains tax of 8.5% on individuals selling or exchanging long-term capital assets, effective January 1, 2024, with specific exemptions and deductions outlined. It establishes a framework for integrating employer health care expenditures into the trust, requiring employers to make quarterly health care expenditures for employees starting January 1, 2027. The bill also includes provisions for the collection of delinquent employer contributions and introduces new criminal penalties for tax evasion. Overall, the legislation aims to create a sustainable and equitable health care system while enhancing the enforcement of employer contributions and establishing a new tax framework for capital gains in Washington.