Bill > SB5345

This bill proposes to annually adjust the maximum amount of money that can be deposited into the state and local toxics control accounts from hazardous substance tax revenues to account for inflation. Currently, there is a set limit on these distributions, and this bill aims to ensure that this limit increases each year based on a "fiscal growth factor," which is a measure of economic growth, to maintain the purchasing power of these funds. The state and local toxics control accounts are established to fund various environmental cleanup and protection programs, including hazardous waste management, pollution control, and remedial actions at contaminated sites. The hazardous substance tax, collected under RCW 82.21.030, is the primary source of revenue for these accounts, with a portion going to the state account and the remainder to the local account. If the collected tax revenue exceeds the established limit for these accounts in a fiscal year, the excess funds are directed to the environmental legacy stewardship account.