Directs the Department of Revenue (Department) to administer a tax amnesty program to be conducted July 1, 2011, through December 31, 2011. During this period, the Department may not initiate a criminal prosecution for failure to report or pay taxes that fall within the definition of an overdue tax debt, as defined in GS 105-243.1, incurred before April 15, 2011, and must waive all penalties assessed for such failure when the taxes, plus 50% of the interest due, are paid in full. Specifies that this program does not apply to any matter that is the subject of a pending court proceeding. Provides further detail on the effect of payment under the program, the requirements to be eligible to participate in the program, and the administration of the program. Authorizes the Secretary of Revenue to draw up to $1.1 million from collections received by the Department during July 2011 under Part 2 of Article 4 of GS Chapter 105 to pay for the program. Directs the Secretary of Revenue to modify any existing payment programs for taxpayers with overdue tax debts to comply with the requirements of this program for payments occurring on or after the date the act becomes law.