Authorizes the department of ecology to: (1) Implement the Yakima river basin integrated water resource management plan; and

(2) Develop water supply solutions that provide concurrent benefits to both instream and out-of-stream uses.

Requires the department of ecology to deliver a cost estimate and financing plan that addresses the total estimated cost to implement the integrated plan and analyzes various financing options.

Requires the office of the state treasurer to: (1) Prepare supplementary chapters to the cost estimate and financing plan for the department; and

(2) Distribute to counties for certain lands acquired from private landowners an amount in lieu of real property taxes.

Requires the state water research center, before the appropriation of funding for the construction of certain water supply projects, to review, evaluate, and prepare comments on the cost-benefit analysis prepared for the project.

Authorizes the department of natural resources to purchase land to be held in the community forest trust, to serve the purposes of the community forest trust including the protection of Yakima river basin functioning, without complying with certain requirements.

Creates the Yakima integrated plan implementation account, the Yakima integrated plan implementation taxable bond account, and the Yakima integrated plan implementation revenue recovery account.