This bill establishes permanent funding for community preservation and development authorities in Washington State, specifically targeting those approved under RCW 43.167.060. Starting January 1, 2025, 30 percent of the revenue from retail sales taxes at qualified facilities will be allocated to the community preservation and development authority account. The funds will be divided equally between an operating subaccount and a capital subaccount. The bill outlines the responsibilities of the department to calculate and notify the state treasurer of the required revenue transfers, ensuring that these funds are deposited biannually.

Additionally, the bill emphasizes the legislature's intent to support communities affected by major public facilities and projects, with a review by the joint legislative audit and review committee due by December 1, 2033, to assess the effectiveness of the funding. If the review indicates positive impacts on economic vitality, community livability, and housing needs, the legislature may extend the funding's expiration date, which is currently set for January 1, 2036. Community preservation and development authorities will also be required to submit biennial reports on their strategic plans and funding impacts to the legislature.