This bill aims to increase funding for K-12 education, health care, 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 tax computations. Additionally, the bill amends RCW 82.04.290 to adjust tax rates for various business activities, including a new provision that applies tax rates to businesses renting or leasing individual storage space at self-service storage facilities. It also specifies 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 clarify the implications of its provisions, such as ensuring that the repeal of certain statutes does not affect existing rights or obligations. It also establishes effective dates for different sections, with the repeal of RCW 82.04.062 taking effect on October 1, 2025, and the amendments to tax rates and definitions related to storage facilities taking effect on April 1, 2026. Overall, the legislation seeks to enhance state revenue through tax adjustments while ensuring that essential services remain funded.

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