The bill amends several sections of the Revised Code of Washington (RCW) to direct the deposit of proceeds from taxes on aircraft fuel into the aeronautics account. Specifically, it modifies RCW 82.21.030, 82.23B.020, and 82.23A.020 to ensure that the taxes collected on aircraft fuel are allocated to the aeronautics account created in RCW 82.42.090. The bill also clarifies that the proceeds from the imposition of the tax on aircraft fuel must be deposited into this account, which is designated for aviation-related purposes.

Additionally, the bill makes various adjustments to the tax rates and definitions within the existing tax framework. For instance, it changes the tax rate on hazardous substances from "seven-tenths of one percent" to "0.7 percent" and specifies that the tax on petroleum products will be adjusted based on economic indicators. The bill also includes provisions for the collection and management of taxes related to oil spills and petroleum products, ensuring that the funds are appropriately allocated to their respective accounts, including the aeronautics account for aircraft fuel taxes.

Statutes affected:
Original bill: 82.21.030, 82.23B.020, 82.23A.020, 82.42.090