The original Evergreen Point floating bridge was a toll bridge across Lake Washington that opened to traffic in 1963, with two general-purpose lanes in each direction.  The replacement floating bridge, which opened to traffic in 2016, was constructed by the State Route 520 (SR 520) bridge replacement and high-occupancy vehicle (HOV) project.  This new bridge is also tolled and consists of two general-purpose lanes and one HOV lane in each direction.

State and local sales and use tax due on site acquisition, construction, and equipment related to the SR 520 bridge replacement and HOV project may be deferred until the fifth calendar year after the project is operationally complete, and is then due in equal yearly installments over the next decade.  These payments are scheduled to begin by the end of 2022.

The deferral period for sales and use taxes associated with the SR 520 bridge replacement and HOV project is extended from the fifth calendar year after completion of the project to the twenty-fourth.

The act is exempted from the requirements related to tax preference expiration and performance statements.