The bill proposes an amendment to Chapter 44-3 of the General Laws, specifically adding a new section that would allow the town council of Cumberland to authorize tax exemptions or stabilize taxes for certain qualifying properties for up to 20 years. These properties include those that have undergone environmental remediation, are historically preserved, or are used for affordable housing, manufacturing, commercial, residential, or mixed-use purposes. The town council can make this determination after public hearings and if it believes that granting such tax benefits will be advantageous to the town for various reasons, such as attracting or retaining businesses, increasing employment, improving the town's physical plant for long-term economic benefit, or making land developable that would otherwise require substantial environmental remediation.

The bill further defines the types of real and personal property that can qualify for these tax benefits, including buildings or structures used for manufacturing, commercial enterprises, residential housing, service industries, and mixed-use purposes, as well as the land on which they are situated. It also specifies that properties granted tax exemptions or stabilized taxes will not be liable for further taxation by the town as long as they are used for the purposes for which the benefits were granted. However, these properties must still pay taxes for the town's and state's indebtedness and related financial obligations. Renewable energy resources are also eligible for tax stabilization agreements. The act would take effect upon passage.