Declares the intent to encourage responsible participation in the hobby of collecting, preserving, restoring, and maintaining vessels of historic and special interest, a hobby that contributes to the enjoyment of Washington citizens and the preservation of Washington's classic boat memorabilia.

Provides that "collector" means the owner of one or more vessels who collects, purchases, acquires, trades, or disposes of the vessels or their parts for the collector's personal use, to preserve, restore, and maintain the boat for hobby or historical purposes and "historic vessel" means any vessel that is at least forty years old, except for vessels that are used for commercial or rental purposes.

Requires that for each historic vessel, the department of licensing shall create and issue a decal separate from the decals issued to other vessels.

Provides that a historic vessel registered with the department may only be used for participation in club activities, exhibitions, tours, parades, and occasional pleasure boating.

Declares that the annual amount of the excise tax for any historic vessel as defined in this act is one-quarter of one percent of fair market value, as determined under this act, or five dollars, whichever is greater.