The 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 legislature references a previous tax amnesty program from 2011, which successfully generated significant revenue and participation, as a model for this initiative.

Key provisions of the bill include the creation of a new section in chapter 82.32 RCW that outlines the criteria for becoming a "voluntary registrant," which includes submitting a registration application before any department contact and disclosing all relevant taxable activities. The bill specifies that penalties and interest will be waived for qualifying registrants, provided they meet certain conditions, and it establishes that this relief does not apply to unremitted sales taxes. The act is set to take effect on July 1, 2025, and is deemed necessary for the immediate preservation of public welfare and state government support.