The bill amends existing law (RCW 84.33.081) and takes effect immediately under an emergency clause. It changes procedural rules for how timber tax receipts are distributed from the timber tax distribution account and county timber tax accounts. The state treasurer is required, on the last business day of the second month of each calendar quarter, to distribute to counties the amounts collected on their behalf (net of collection and administration appropriations) and to transfer state-collected timber tax to the state general fund after specified deductions and distributions under subsection (7). County treasurers must deposit timber tax receipts into a county timber tax account and make distributions to taxing districts (other than the state) in a prioritized sequence: first to districts with debt service and certain capital project levies (subsection (2)), next to school districts under a specified formula using either one-half of current timber assessed value or 80% of the 1983 timber roll multiplied by applicable levy rates (subsection (3)), and then to other regular or special levies (subsection (4)). Subsection (5) requires prorating if the account lacks sufficient funds; subsection (6) allows up to 20% of annual distributions to be held in reserve until the next calendar year with any remaining amounts distributed thereafter; subsection (7) directs the state treasurer to distribute to counties amounts equal to tribal tax credits under agreements authorized by RCW 43.06.480. Affected parties include the state treasurer, county treasurers, counties, taxing districts (including school districts), the state general fund, and tribal entities. The text refers to historical levy rules (e.g., levies authorized before July 1, 1984, and the 1983 timber roll) and to using levy rates from the two preceding calendar years when current-year levies are not imposed. The extracted text does not show edit markings, so it is not possible from these facts alone to identify precisely what language was changed from prior law, nor does it show any explicit provisions relating to "recent school district levy failures" referenced in the bill title. No statutory definitions or the bill approval filing date are included in the extracted material.

If enacted, state and county treasurers would be required to follow a specific quarterly schedule and priority order for timber tax receipts: on the last business day of the second month of each quarter the state treasurer moves county and state shares, and county treasurers must deposit receipts into a county timber tax account and pay districts first for voter‑approved debt service and capital project levies, then a calculated school district share (paid one‑half in the first quarter and one‑half in the third quarter), and then remaining regular levies. Counties must prorate payments if funds are insufficient, set aside up to 20% of annual distributions as a reserve until the next year, and the state treasurer must transfer the state portion to the general fund after specified deductions and pass through amounts that offset tribal tax credits to counties. The act would take effect immediately. The people most affected are county treasurers (added cash‑management and reporting duties, reserve and proration responsibilities), school districts and other taxing districts (changes to timing and priority of timber tax cash flows, with debt and capital levies getting priority and school distributions split between quarters), counties (potentially altered cash receipts due to reserved funds and prorations), and the state general fund (receives the specified state share). It is not clear from the provided text what exactly was changed from prior law or how the bill’s title reference to “recent school district levy failures” is implemented, because the extracted text does not show those specific provisions or statutory definitions.