Bill > HB1408

This bill establishes funding for community preservation and development authorities, which are entities created to address negative impacts from major public facilities. Starting January 1, 2026, and continuing through January 1, 2037, 30 percent of the state tax revenue from retail sales at "qualified facilities" will be deposited into a dedicated account for these authorities. A "qualified facility" is defined as an open-air stadium with at least 68,000 seats and 300,000 square feet of event space, or a stadium with at least 47,000 seats for its main use and a retractable roof. This funding is intended to promote community well-being by assisting struggling small businesses, repairing unsafe buildings, converting underutilized properties, addressing litter and homelessness, and supporting housing initiatives. The Joint Legislative Audit and Review Committee will review the effectiveness of this funding by December 1, 2034, and the bill includes provisions for extending the funding if the authorities demonstrate positive impacts on economic vitality, community livability, and housing needs. The authorities are also required to submit biennial reports to the legislature detailing their plans and the impact of the funding.

Budget and Finance, Business and Industry

https://app.leg.wa.gov/billsummary?BillNumber=1408&Year=2025&Initiative=false