Declares an intent to: (1) Implement a plan to phase-in a modified version of the compensation working group recommendations for a revised compensation system for all staff in order to attract and retain high quality educators through full funding of competitive salaries with state resources;

(2) Ensure that K-12 salary allocations keep pace with the wages of comparable occupations by requiring a comparable wage analysis be conducted every four years;

(3) Reduce school district reliance on local levies; and

(4) Both support local levy authority as an important component of the overall finance system for public schools while also ensuring local levy funds are not being used for the state's basic education obligations.

Requires the office of financial management, with assistance and support from the office of the superintendent of public instruction, to convene a local levy reduction technical working group to develop a phase-in plan for reducing the local authority for school districts and eliminating grandfathered levy authority.

Imposes on all individuals, beginning January 1, 2016, a tax for the privilege of: (1) Selling or exchanging long-term capital assets; or

(2) Receiving Washington capital gains.

Allows a business and occupation tax deduction against a person's gross income of the business to the extent necessary to avoid taxing the same amounts under chapter 82.04 RCW and section 303 of this act.

Requires revenue collected under this act to be deposited in the education legacy trust account which must only be spent on the program of basic education.

Establishes a phase-in plan for meeting basic education obligations to reduce class sizes throughout the K-12 system.