The bill proposes an amendment to Chapter 45-2 of the General Laws, specifically by adding a new section that grants the city council of Woonsocket the authority to extend tax stabilization agreements. These agreements pertain to properties within the city that are currently occupied by CVS, including but not limited to the locations at 1 CVS Drive and 100 Highland Industrial Park Drive.

The bill specifies that the new legislative authority would allow the city council to extend these tax stabilization agreements if necessary. The act would become effective immediately upon its passage. There are no deletions from the current law mentioned in the provided text.