The bill aims to address workforce shortages in high-demand fields by amending the existing law regarding the workforce education investment account. It establishes that starting in fiscal year 2024, a portion of the revenues collected from the workforce investment surcharge must be allocated specifically for higher education programs that lead to credentials in advanced computing and related STEM fields. This initiative is designed to enhance access and equity, particularly for low-income students and students of color. Additionally, the bill allows expenditures from the account to include Washington college grant awards for students enrolled in these targeted programs.

Furthermore, the bill mandates that beginning January 1, 2025, recipients of funds for creating or expanding programs in advanced computing or related fields must submit biennial reports to the legislature. These reports will detail recruitment efforts aimed at underrepresented communities, provide demographic data on new student enrollments, and indicate the proportion of students from underrepresented backgrounds in these programs. The bill also emphasizes that funds from the workforce education investment account should supplement existing federal, state, and local funding for higher education rather than replace it.