This bill aims to create uniformity in the process by which cities and counties in Washington implement real estate excise taxes under the growth management act. It amends RCW 82.46.035, requiring legislative authorities of counties and cities to identify capital projects funded by these taxes in their adopted budgets. The bill allows counties and cities that plan under specific regulations to impose an additional excise tax on real property sales at a rate not exceeding 0.25 percent, removing the previous requirement for voter approval for such ordinances.

Additionally, the bill specifies that revenues generated from this tax must be used solely for capital projects outlined in a comprehensive plan's capital facilities plan element. It expands the definition of "capital project" to include facilities for those experiencing homelessness and affordable housing projects, and allows for the use of funds towards these initiatives through interlocal housing collaborations. The bill also establishes documentation requirements for counties and cities using funds for affordable housing, ensuring they have adequate funding for other capital projects in the following two years.