Provides that, subject to the requirements of this act, an amount equal to the estimated taxes collected under chapters 82.08 and 82.12 RCW on the sale or use of tangible personal property incorporated into, and labor and services rendered in respect to, the construction of a qualified port terminal, less estimated amounts of any local taxes that are credited against the state sales and use taxes, shall be distributed to a county or city within which a qualified port terminal is located.

Requires the department of community, trade, and economic development to approve applications under this act only if it determines that the qualified port terminal would be adding new jobs to the state of Washington, and that a collective bargaining agreement is in place.

Provides that only one project may be selected by the department of community, trade, and economic development under the terms of this act.