The proposed bill aims to enhance tax administration and generate additional revenue for the state of Washington by establishing a voluntary disclosure program within the Department of Revenue. This program is designed to encourage taxpayers who have not registered to come forward and pay their taxes without facing penalties or interest for a limited time. The bill references a previous tax amnesty program that successfully generated significant revenue and aims to replicate that success by waiving penalties for taxpayers who voluntarily register and disclose their tax liabilities.

Key provisions of the bill include the definition of a "voluntary registrant," who must meet specific criteria, such as engaging in taxable activities without registration and disclosing all relevant taxable activities to the department. The bill also outlines the conditions under which penalties may be waived and specifies that the relief does not apply to state and local sales taxes collected but not remitted. Additionally, the bill states that it will take effect on July 1, 2025, and emphasizes its urgency for the preservation of public peace, health, or safety.