WA HB2448

State expenditure limit takes effect July 1, 2027, prohibiting general fund and related fund spending beyond the established limit, with the state treasurer barred from issuing payments that would exceed it

Annual spending limit increases by the "fiscal growth factor," redefined as the average of inflation plus population change over the prior three fiscal years (replacing the previous 10-year personal income growth formula)

Expenditure limit may only be exceeded for up to 24 months following a declared natural disaster emergency, requiring a two-thirds vote of both legislative chambers and the governor's signature

Creates a tax relief account to receive all general fund revenues exceeding the expenditure limit each June 30th (after budget stabilization transfers), with funds restricted exclusively to broadly-based tax reductions

Economic and Revenue Forecast Council must adjust the expenditure limit to reflect any transfers of money or program costs between the general fund and other funding sources occurring after July 1, 2026