The bill encourages renewable energy in Washington by introducing renewable energy excise tax and property tax exemptions for qualified facilities. It establishes a local investment distribution program to distribute funds from the state excise tax to counties hosting qualifying energy projects. The bill sets requirements for counties to be eligible to receive these funds and provides grants for eligible energy projects. It also outlines capacity grants for federally recognized Indian tribes and repeals existing laws related to taxes on renewable energy. The bill includes sections and amendments related to regulations, environmental impact statements, tax application, and the effective date of the act.