Establishes a new program to be administered by the Department of Revenue (Department) during the period of July 1, 2011 through June 30, 2012. Under the program, if a person has an overdue tax debt, as defined by GS 105-243.1, incurred between January 1, 2008 and December 31, 2011, the Department (1) may not initiate a new criminal prosecution for failure to report or pay taxes and (2) must waive all penalties if the person pays in full the taxes due, plus 50% of the interest due. Tax preparers involved with preparing returns related to such unreported or underreported taxes under the program are also exempt from criminal prosecution. Requires taxpayers to file necessary paperwork and make required payments by June 30, 2012. Authorizes the Department to draw up to $1,100,000 from collections to pay for the new program.