Authorizes a local sales and use tax deducted from the state portion of the sales and use tax for purposes of implementing water quality and water quantity projects, including but not limited to an on-site program management plan for a marine recovery area under chapter 70.118A RCW, a water quality project consistent with the Puget Sound action agenda under RCW 90.71.260, a water quality or water quantity component of a watershed plan approved under chapter 90.82 RCW, a groundwater management area plan, or a water quality project consistent with objectives determined by a total maximum daily load analysis.