WA HB2055

Establishes a state revenue limit calculated by increasing the previous fiscal year's limit by a "fiscal growth factor" based on the average of inflation plus population change over the prior three fiscal years

Creates a six-member State Revenue Limit Committee (including the director of financial management, state treasurer, and legislative budget committee leaders) requiring at least four votes to take action on limit adjustments

Sets the baseline for the new limit using total state revenues from the general fund and related funds for fiscal year 2025-2026, excluding federal funds

Requires the state treasurer to transfer any revenue collections exceeding the annual limit to the budget stabilization account by June 30th of each fiscal year

Prevents circumvention by requiring the revenue limit be lowered if state programs are shifted to other funding sources or if revenues are redirected to other state/local accounts after January 1, 2025