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 projects, with a review by the joint legislative audit and review committee due by December 1, 2034, to assess the effectiveness of the funding. If the review indicates positive impacts on economic vitality, community livability, and housing needs, the legislature may extend the funding's expiration date beyond January 1, 2037. Community preservation and development authorities are also required to submit biennial reports on their strategic plans and funding impacts to the legislature.