This bill establishes a funding mechanism for community preservation and development authorities in Washington State, specifically targeting revenues generated from retail sales at qualified facilities. Starting January 1, 2026, 30 percent of the state sales tax revenue from these facilities will be allocated to a 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 to assess the effectiveness of the funding by December 1, 2034, with the possibility of extending the funding if positive outcomes are identified. 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.