The bill establishes new provisions within chapter 67.16 RCW to allow the Washington Horse Racing Commission to impose fees necessary for compliance with the Horseracing Integrity and Safety Act of 2020. Specifically, the commission is authorized to set reasonable fees to cover federal costs, with the revenues directed to a newly created Washington equine industry federal regulatory account. This account will also receive annual transfers from the general fund, not exceeding $1,500,000, derived from state parimutuel and sales taxes related to class 1 racing associations. The bill includes provisions for reviewing and potentially increasing this amount based on inflation and federal fee adjustments.

Additionally, the bill creates the Washington equine industry federal regulatory account within the state treasury, stipulating that funds can only be used for federal fees and direct costs associated with the horseracing integrity and safety act. The account's expenditures will require appropriation, ensuring that the funds are allocated specifically for compliance with federal regulations governing horse racing.