The proposed bill establishes a program aimed at supporting school districts and nonprofit organizations in communities hosting renewable energy projects by creating a mechanism for reinvesting state tax revenue back into these localities. It introduces a new chapter in Title 82 RCW, which outlines definitions, application processes, and tax credit provisions for qualifying light and power businesses that contribute to these recipients. The bill specifies that contributions must be made to school districts or nonprofits servicing the community where the renewable energy project is located, and it sets a cap on the total credits available statewide and per business.

Additionally, the bill amends RCW 28A.325.030 to require that any school district receiving funding under the new chapter must deposit all proceeds into a subaccount of its associated student body program fund, allowing for the funds to be used for any allowable purpose of that program. The act also includes an expiration date of December 31, 2036, and stipulates that credits can only be claimed for contributions made between January 1, 2026, and December 31, 2034.

Statutes affected:
Original Bill: 28A.325.030