Requires the Washington state economic development commission to: (1) Develop a biennial budget request for approval by the office of financial management; and

(2) Adopt an annual budget and work plan in accordance with the omnibus appropriations bill approved by the legislature.

Prohibits the state agency serving as the commission's fiscal agent from using more than: (1) Ten percent of funds appropriated for commission personnel costs; and

(2) Three percent of funds in the Washington state economic development commission account to cover administrative expenses.

Creates the Washington state economic development commission account.