The bill proposes an amendment to Chapter 44-5 of the General Laws, specifically adding a new section that allows the city of East Providence to establish two separate 60-day tax amnesty periods. These periods are to occur in fiscal years 2023 and 2024. During these amnesty periods, taxpayers can request a waiver of interest and penalties on overdue real property tax payments, with the waiver not exceeding $10,000. The request must be in writing, signed, and dated by the taxpayer and submitted within the specified 60-day periods.

The bill also outlines that decisions made by the tax assessor regarding waivers must be in writing and include a notice to the city council. If a taxpayer receives an adverse decision, they must pay the interest and penalties but can file a claim for reimbursement with the city council within ten days of the decision. The city has the authority to grant waivers that meet the established criteria. However, waivers will not be granted for taxes contained in the 2023 tax bill. The act will take effect immediately upon passage.