This bill establishes a funding mechanism for community preservation and development authorities in Washington State, specifically targeting revenues from state sales tax on retail sales at qualified facilities. Starting January 1, 2026, 30 percent of the sales tax revenue collected from these facilities will be deposited into a dedicated community preservation and development authority account, divided equally between operating and capital subaccounts. The bill outlines the responsibilities of the department to calculate and notify the state treasurer of the required transfers to this account biannually.

Additionally, the bill emphasizes the legislature's intent to support communities affected by major public facilities and outlines specific objectives for the funding, including enhancing economic vitality, improving community livability, and addressing housing needs. A review by the joint legislative audit and review committee is mandated by December 1, 2034, to assess the effectiveness of the funding, with the possibility of extending the funding if the authority meets certain criteria. Furthermore, community preservation and development authorities are required to submit biennial reports on their strategic plans and impacts, and the act is set to expire on January 1, 2037.