The proposed bill establishes a new tax on individuals and organizations that have been convicted of fraud or have benefited from fraudulent activities. Specifically, a tax of 100 percent is imposed on amounts obtained through fraud, which includes those convicted by a court, those determined by the commissioner of revenue to have obtained funds fraudulently, and those who receive compensation from either of these parties in relation to the fraudulent activities. The bill clarifies that this tax applies regardless of any restitution or penalties already imposed.

Additionally, the bill outlines the role of the commissioner of revenue in investigating potential fraud cases and establishing the payment schedule and enforcement mechanisms for the tax. It mandates that the collected tax revenue be deposited into a tax relief account, which is designated for income or property tax relief. The provisions of the bill are set to take effect retroactively for fraud determinations made after December 31, 2019.