The bill aims to enhance funding for K-12 education in Washington State by modifying property tax authority and adjusting the school funding formula. Key amendments include increasing the maximum dollar amount for school district enrichment levies from $2.50 to $2.50 per $1,000 of assessed property value, and establishing new definitions for "inflation" and "inflation enhancement." The bill also sets a new maximum per-pupil limit for funding, which will be adjusted for inflation and enhancements over the coming years. Additionally, it introduces a requirement for school districts to receive approval for enrichment levy expenditure plans before submitting propositions to voters.

Furthermore, the bill establishes a K-12 funding equity work group, tasked with analyzing current funding formulas and exploring options for revisions that address disparities in student needs based on economic, demographic, and geographic factors. The work group will report its findings and proposed options to the legislature annually until 2027, focusing on equitable access to resources and potential modifications to state and local tax authority for schools. This section of the bill is set to expire on December 1, 2027.

Statutes affected:
Original Bill: 84.52.0531, 28A.500.015, 84.55.005, 84.04.140, 28A.150.390, 28A.150.392, 28A.150.560
Substitute Bill: 84.52.0531, 28A.500.015, 84.55.005, 84.04.140
Engrossed Substitute: 84.52.0531, 28A.500.015
Bill as Passed Legislature: 84.52.0531, 28A.500.015
Session Law: 84.52.0531, 28A.500.015