The bill amends RCW 82.04.290 to adjust tax rates and allocate funds to support higher education in Washington State. Specifically, it increases the tax rate for certain business activities from 1.75% to 1.8% and modifies the allocation of revenues collected under this tax. The new provision stipulates that 16.67% of the revenues from the increased tax rate will be deposited into the workforce education investment account, which is aimed at expanding access to higher education. Additionally, the bill includes provisions for the administration of the tax rates, including requirements for businesses to disclose their affiliates and the consequences for failing to comply with these requirements.

The bill also establishes a new effective date for these changes, set for October 1, 2025. This timeline allows for the necessary adjustments and preparations for businesses and the state to implement the new tax structure and funding allocations effectively. Overall, the legislation aims to enhance funding for higher education while ensuring compliance and accountability among businesses subject to the new tax rates.

Statutes affected:
Original Bill: 82.04.290