This bill amends several sections of Washington state law to enhance funding for higher education through a new workforce education investment surcharge on select advanced computing businesses. The surcharge, which begins on April 1, 2020, is set at 1.22% of gross income for the period until December 31, 2025, and will increase to 7.5% starting January 1, 2026. The bill also outlines specific exemptions from the surcharge, including hospitals and certain healthcare provider clinics. Additionally, it mandates that revenues from the surcharge be deposited into the workforce education investment account and establishes a mechanism to increase computer science and engineering degree enrollments in state universities based on demand.

Furthermore, the bill modifies eligibility criteria for the Washington college grant, increasing the income threshold for maximum grant eligibility from 60% to 100% of the state median family income, effective from the 2026-27 academic year. It also introduces a tiered grant system for students with incomes between 101% and 150% of the state median family income. Additionally, the bill stipulates that tuition operating fees for resident undergraduates will be reduced by 10% each academic year from 2027-28 through 2029-30, with future increases capped at the average annual growth rate of median hourly wages in Washington.

Statutes affected:
Original bill: 28B.92.205, 28B.15.067