The bill aims to address the high costs of child care in Washington, which significantly burden families and impact economic growth. It recognizes that many working parents struggle to maintain their employment due to the lack of affordable child care options. The legislature intends to encourage employers to assist their employees with child care costs by leveraging the benefits they receive from existing business and occupation tax incentives. The bill highlights the importance of high-quality child care for children's success and the overall health of the state's economy.

To facilitate this initiative, the bill mandates the Office of Financial Management to create a report in collaboration with various stakeholders, including businesses, labor representatives, and child care advocates. This report will study existing employer-provided child care programs, explore funding options, and provide recommendations for expanding access to child care. It will also evaluate current data on employer-supported child care programs and propose at least three business and occupation tax preferences to incentivize businesses to provide such support. The findings and recommendations are to be reported to the legislature by December 31, 2024.