HB2448 establishes a state expenditure limit to promote sustainable budgets and create permanent tax relief for Washingtonians.

HB2448 introduces a state expenditure limit to ensure sustainable budgets and create permanent tax relief. The bill sets a cap on state general fund and related fund expenditures, increasing the limit annually based on a fiscal growth factor. It allows for exceeding the limit in emergencies for up to 24 months. The state treasurer must transfer excess revenues to a tax relief account, which can only be used for tax relief. The bill also mandates the creation of a capital program and a strategic plan for reducing maintenance and repair backlogs.

HB2448 establishes a state expenditure limit to promote sustainable budgets and create permanent tax relief for Washingtonians.

HB2448 introduces a state expenditure limit to ensure sustainable budgets and create permanent tax relief. The bill sets a cap on state general fund and related fund expenditures, increasing the limit annually based on a fiscal growth factor. It allows for exceeding the limit in emergencies for up to 24 months. The state treasurer must transfer excess revenues to a tax relief account, which can only be used for tax relief. The bill also mandates the creation of a capital program and a strategic plan for reducing maintenance and repair backlogs.