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 $2,500 through 2030, adjusted for inflation, and $5,035 starting in 2031. Additionally, it introduces a local effort assistance funding mechanism for school districts with lower enrichment levy rates, ensuring they receive adequate support.

Furthermore, the bill establishes a K-12 funding equity work group, tasked with analyzing 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 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