The bill amends various sections of Washington state law to enhance the management and creation of accounts related to housing assistance, environmental initiatives, and other state programs. Key changes include the establishment of the down payment assistance account under the management of the Department of Commerce, the introduction of new accounts such as the Fern Lodge maintenance account and the clean fuels credit account, and the repeal of outdated statutes concerning state and local improvement accounts. Additionally, the bill creates the stadium world cup capital account to support capital improvements for the 2026 FIFA World Cup in Seattle, with specific provisions for fund advancement and repayment sourced from admissions taxes.

Moreover, the bill revises the distribution of earnings from state accounts, ensuring that all earnings from surplus investments are deposited into the treasury income account. It specifies that newly created accounts will receive their proportionate share of earnings based on average daily balances while removing the brownfield redevelopment trust fund from this list. The legislation also clarifies that state agencies with independent authority will receive earnings from treasury accounts they deposit into, and it mandates the transfer of remaining funds from the Washington sexual assault kit account to the fingerprint identification account by June 1, 2024. The act is set to take effect on June 1, 2024, with staggered effective dates for certain provisions.

Statutes affected:
Original Bill: 82.45.240, 27.34.400
Engrossed Bill: 82.45.240, 27.34.400, 70A.535.160
Bill as Passed Legislature: 82.45.240, 27.34.400, 70A.535.160
Session Law: 82.45.240, 27.34.400, 70A.535.160