The bill establishes an abortion savings program in Washington State, aimed at providing grants to ensure access to direct patient abortion clinical care services. It introduces a new section to chapter 48.14 RCW, requiring health carriers to pay an annual coverage assessment to the state treasurer, starting at $0.82 per coverage month in the first year and decreasing to $0.165 in subsequent years. Penalties for non-compliance include potential revocation of the health carriers' certificate of authority. All collected revenues will be deposited into a newly created abortion savings account, which is designated solely for grants under the abortion savings program. Additionally, the bill creates a section in chapter 43.70 RCW that outlines the program's operations, ensuring confidentiality for grant recipients and service users, and mandates that at least 85% of appropriated funds be awarded as grants.

Moreover, the bill amends RCW 43.84.092 to establish the treasury income account, which will manage earnings from surplus balances and facilitate refunds and allocations of interest earnings related to federal programs without requiring appropriation. The bill includes the insertion of the "abortion savings account" among the accounts eligible for earnings distribution, ensuring that it receives a proportionate share based on its average daily balance. It also specifies that no treasury accounts or funds shall receive earnings without specific directives, in compliance with the state Constitution. The bill outlines expiration provisions for certain sections, with new sections detailing expiration dates for various provisions related to the treasury income account and its operations, ensuring a structured review process.