This bill proposes to grant municipalities, cities, and towns a grace period to adopt a simple-majority tax cap override procedure indefinitely. Specifically, it amends the Municipal Budget Law to clarify that the provisions of RSA 32:5-b will apply to local tax caps established before the bill's effective date without necessitating local amendments or re-adoption. However, municipalities that previously adopted RSA 32:5-b before September 13, 2025, will have the option to re-adopt the earlier provisions of RSA 32:5-b, III, provided that the vote occurs in accordance with existing laws and procedures before July 1, 2028.

The bill includes several insertions to the current law, such as the stipulation that municipalities can vote to re-adopt the previous provisions of RSA 32:5-b and outlines the voting process. There are no deletions from the current law mentioned in the text. The act is set to take effect immediately upon passage.