Overhauls local taxation, procurement, and valuation: raises procurement thresholds to $100,000, updates bidding and advertising rules, adds snow hauling and removal, and authorizes cooperative purchasing with multiple-award RFPs; increases caps on local room occupancy and meals taxes and allows a local-option increase to the motor vehicle excise; and assigns the Commissioner of Revenue to annually value utility, telecommunications, and cable personal property with new confidentiality and appeal procedures. Expands property-tax relief by creating a local-option exemption for income- and age-qualified domiciliary homeowners tied to the state circuit breaker (with local asset limits and benefits up to 200 percent of the credit), permitting CPI-based annual increases to statutory exemptions, treating beneficiaries under trusts as owners for exemptions and deferrals, updating relief for surviving minor children of police and firefighters killed in the line of duty, and granting local discretion over the additional exemption percentage.

Updates the Open Meeting Law to define adequate alternative public access, allow fully remote participation without a physical quorum when all are audible and required parties may appear remotely, require timely approval of minutes, and clarify the scope of deliberation; and requires cities, towns, and districts to report known cybersecurity incidents to the Security Operations Center under regulations of the Executive Office of Technology Services and Security.

Streamlines local finance by allowing spending of certain state road funds and many grants without appropriation, depositing revolving-fund interest to the general fund, authorizing a PEG Access and Cable Related Fund, permitting amortization of major-disaster deficits over three years, broadening borrowing purposes and extending school construction debt to 40 years, and enabling regional boards of assessors and intermunicipal services; sets deadlines and enforcement for removing double utility poles and authorizes the Department of Public Utilities and the Department of Telecommunications and Cable to regulate movement of third-party attachments.

Excludes fentanyl test strips from drug paraphernalia and grants good-faith civil, criminal, and professional immunity for their use; adjusts unemployment insurance by extending between-terms ineligibility to services provided to or on behalf of educational institutions and by partially offsetting benefits for certain employer-based pensions; authorizes a one-year ballot override for nonrecurring operating costs; creates a time-limited program allowing retirees to be rehired in designated critical-shortage positions notwithstanding standard post-retirement limits; and establishes a commission to study retiree healthcare and other non-pension benefits.

Establishes a 12-member commission to study and recommend reforms to the distribution of general local aid-covering unrestricted general government aid, lottery aid, and additional assistance, while excluding foundation aid-and to assess the current formula's effectiveness and equity, analyze municipal need and disparities, evaluate responsiveness to population and tax base changes, examine methods to calculate costs based on service need and local revenue capacity, and propose alternative formulas for a more equitable allocation.

Specifies membership of the Secretary of Administration and Finance, the Commissioner of the Department of Revenue, one State Treasurer appointee, two Senators and two Representatives (with one from a gateway municipality in each chamber serving as co-chairs), and five Governor appointees nominated by municipal, fiscal, academic, and Federal Reserve stakeholders. Requires a report with findings and recommendations within one year of enactment and takes effect upon passage.

Makes wide-ranging updates to municipal governance, public procurement, open meeting law, public records, utility regulation, municipal finance, and certain criminal and labor laws. The bill modernizes open meeting and remote participation laws, significantly raises procurement thresholds to reduce administrative burden, expands municipal financial flexibility, streamlines utility pole removal statewide, strengthens public records governance and cybersecurity reporting,  and makes targeted updates to public health, labor, and alcohol laws.