The bill amends Chapter 44-5 of the General Laws, specifically by adding a new section titled "44-5-2.4. Woonsocket -- Maximum levy." This new provision allows the city of Woonsocket to levy a tax for its fiscal year at a rate of five and one-half percent (5.5%) above the amount that was levied and certified by the city in the previous year. This change is significant as it provides Woonsocket with the ability to increase its tax levy beyond the standard limits set by existing law.

The act is designed to take effect immediately upon passage, thereby enabling the city to implement the new tax rate without delay. This legislative change aims to provide Woonsocket with greater financial flexibility in its tax assessments, potentially aiding in local funding and budgetary needs.