This bill establishes a 90-day State tax amnesty period, which must conclude by January 15, 2027, allowing taxpayers who have failed to pay State taxes due on or after September 1, 2017, and before January 1, 2026, to settle their tax liabilities. During this amnesty, taxpayers can pay the owed tax and half of the interest due as of November 1, 2026, without incurring additional penalties or fees, provided they are not under criminal investigation for tax matters. If taxpayers do not take advantage of this amnesty, they will face a mandatory five percent penalty on their unpaid taxes, in addition to any other applicable penalties and interest.

The bill also creates a dedicated Stabilization Aid Account within the Department of Education, where all funds collected from the tax amnesty will be deposited, excluding certain constitutionally dedicated revenues. These funds will be used to provide Stabilization Aid to school districts that experience a reduction in State aid compared to the previous year. School districts seeking this aid must submit an application to the Commissioner of Education, including a plan for future funding operations. Additionally, the bill appropriates up to $15 million from the amnesty proceeds to cover the program's administrative costs and mandates expedited procurement for advertising services related to the amnesty program.