Establishing a state revenue limit and directing excess revenues be deposited in the budget stabilization account.

HB 2055 establishes a yearly limit on Washington state revenue growth, calculated using inflation and population changes, to prevent budget expansions without new funding. It requires the state revenue limit committee to adjust this cap annually based on actual collections and economic data, and lowers the limit if state programs shift funding away from the general fund. The bill mandates that any revenue exceeding this limit - after accounting for constitutional transfers - must be deposited into the budget stabilization account by June 30 each year. This directly affects state budgeting processes and the management of the stabilization fund, which holds reserves for economic downturns.