On page 6, beginning on line 11, after "into the" strike "education legacy trust account created in RCW 83.100.230" and insert "state property tax relief account created in section 15 of this act"

On page 16, after line 31, insert the following:

"NEW SECTION.  Sec. 15. A new section is added to chapter 84.55 RCW to read as follows:

(1) The state property tax relief account is created in the state treasury. All receipts from the tax imposed in section 3 of this act must be deposited in the account. Moneys in the account may be spent only after appropriation. Expenditures from the account may be used only to reimburse the state general fund for the impact of property tax reductions made pursuant to subsection (2) of this section.

(2) By September 1, 2027, and by each September 1st thereafter, the state treasurer must notify the department of the current fund balance in the state property tax relief account. The department must set the property tax rate for the following calendar year in a manner that would reduce state property tax revenues in an amount equal to the fund balance in the state property tax relief account.

(3) The limit under this chapter shall disregard the state property tax revenue reduction required under this section."

Renumber the remaining sections consecutively and correct any internal references accordingly.

On page 1, line 3 of the title, after "82.32.655;" insert "adding a new section to chapter 84.55 RCW;"