The proposed bill establishes a public utility tax credit aimed at assisting low-income households in Washington. It introduces a new section to chapter 82.16 RCW, allowing light and power businesses and gas distribution businesses to claim a tax credit based on qualifying contributions and billing discounts. The credit is set at 50% of the qualifying contributions or billing discounts that exceed 125% of the amounts given in fiscal year 2000, with a statewide cap of $2,500,000 on the total credits that can be claimed in any fiscal year. The bill outlines specific application and notification timelines for businesses to claim these credits, starting from fiscal year 2028.

Additionally, the bill includes a tax preference performance statement that aims to evaluate the effectiveness of the tax credit in enhancing energy assistance for low-income customers. It mandates that all recipients of the tax credits provide necessary data for evaluation, with potential penalties for non-compliance. The act is set to take effect on July 1, 2026, and explicitly states that RCW 82.32.805 does not apply to this act, indicating a tailored approach to the implementation of this tax credit.