The bill updates the estate tax exclusion amounts in Washington State by amending RCW 83.100.020. It establishes a new applicable exclusion amount for decedents dying on or after August 1, 2023, set at $2,659,000. Additionally, it outlines a mechanism for annual adjustments to this amount based on the consumer price index, starting from 2024, ensuring that the exclusion amount reflects inflation. The bill also specifies various exclusion amounts for decedents dying between 2006 and 2023, with specific figures for each year.

Furthermore, the bill clarifies the definition of the "Seattle area" for the purposes of calculating the consumer price index and makes several technical adjustments to the language regarding the Washington taxable estate. The effective date for these changes is set for August 1, 2023. Overall, the bill aims to modernize the estate tax framework in Washington, ensuring it remains relevant and equitable in light of economic changes.