Today higher education leaders in the House of Representatives introduced the Workforce Education Investment Act (HB 2158), which would create a new dedicated fund for higher education investments in the state through a 0.3% rate increase on certain businesses who rely on employees with a four-year degree. The proposal also includes a slightly higher rate for the state’s biggest tech companies, and, notably, this concept was originally proposed by Brad Smith, President of Microsoft. (See his op-ed in the Seattle Times last week.)
In the near-term the funding generated under the proposal would go toward financial aid, expansion of STEM degree programs and student support services at the state public colleges and universities, including WWU. In the long term, the proposal would establish a new state fund specifically dedicated for higher education, which has the potential to reverse the significant disinvestment in public higher education that has occurred since the Great Recession, as well as to buffer potential impacts of future economic recessions.
There will be a public hearing on the bill on Friday, March 29th at 8:00 am in the House Finance Committee.