In the last two days of session, there is renewed enthusiasm to try to significantly improve funding for higher education. New B&O (Business and Occupation) taxes are the source of nearly $300 million annually funding increases for higher education if, as appears likely, HB 2158 passes. The bill passed the House late last night on a partisan vote of 52-45. It now heads to the Senate where it appears to have the democratic support necessary to pass it before tomorrow’s last day of the session.
Though a lion’s share of that funding is for student need grants, there are a variety of other spending plans. Here’s how the taxes will be spent:
…$162.7 million to close the State Need Grant waitlist by one-third in the first year and then the remaining two thirds in the second year and expand eligibility under the Washington College Grant program;
…$60.8 million for increasing nurse educator salaries and high-demand program faculty salaries at the community and technical colleges;
…$32.1 million for implementing Guided Pathways at the community and technical colleges;
…$17.1 million for new degrees and expanded enrollments in high-demand programs;
…$62.3 million for foundational support in community and technical colleges and public baccalaureates;
…$14.4 million for WSU medical school completion and expansion;
…$11.5 million for career connected learning initiatives;
…$2.3 million for student support services; and
…$2.0 million for the student loan refinancing program.
