The bill aims to enhance Washington state's ability to access federal funds for economic development by establishing a new program that prioritizes matching funds for local communities. It includes provisions for the Department of Commerce to create scoring criteria for awarding these matching funds, which will be based on factors such as economic impact, the amount of federal funding available, and the project's alignment with state priorities. Additionally, the bill mandates the department to solicit input from various stakeholders to identify and prioritize federal funding opportunities that can significantly impact economic development in the state.

New sections are added to the existing law, including the creation of a "moving assets to create healthy economic development account," which will be used exclusively for awarding matching funds for federal applications. The bill also requires the Washington State Institute for Public Policy to conduct a study on the availability of federal funds for economic development and the matching funds needed, with a report due by June 30, 2027. The legislation emphasizes the importance of leveraging private donations and reallocating program funds to maximize access to federal resources, ultimately aiming to bolster economic growth across Washington communities.

Statutes affected:
Original bill: 43.330.260