Provides that, after July 1, 1995, any action or combination of actions by the legislature that constitutes a tax increase may be taken only if approved by a three-fifths vote of each house, and then only if state expenditures in any fiscal year, including the new revenue, will not exceed the state expenditure limits established under chapter 43.135 RCW.

Does not apply to a tax that will be used exclusively for highway purposes under Article II, section 40 of the state Constitution.

Provides that taxes enacted pursuant to an emergency previously declared under this act may be imposed with a favorable vote of a majority of members elected to each house of the legislature, and shall expire not later than twelve months after the effective date of the emergency declaration.