This bill aims to increase funding for K-12 education, healthcare, and public safety by modifying or repealing certain tax preferences for specific industries and goods. Notably, it repeals RCW 82.04.062, which previously excluded the sale of precious metal bullion and monetized bullion from the definitions of "sale at wholesale" and "sale at retail." Additionally, the bill amends RCW 82.04.290 to adjust tax rates for various business activities, including a new provision that applies a tax rate to individuals renting or leasing storage space at self-service storage facilities. It also clarifies that gross proceeds from individual storage space rentals or leases for 30 days or longer at such facilities are not considered part of real estate sales.

The bill includes several new sections that establish the effective dates for its provisions, with sections related to the repeal of the bullion statute taking effect on October 1, 2025, and the amendments regarding storage units taking effect on April 1, 2026. Furthermore, it contains a severability clause to ensure that if any part of the act is found invalid, the remaining provisions will still be enforceable. The overall intent of the legislation is to enhance state revenue through tax adjustments while ensuring that essential public services are adequately funded.

Statutes affected:
Original Bill: 82.04.390, 82.04.460, 82.04.462
Substitute Bill: 82.04.290, 82.04.390