(a) Waiver of penalty, addition to tax and interest. -– For any taxpayer who meets the requirements of section seven of this article and except as otherwise specifically provided in this article:
(1) Waiver. -– The Tax Commissioner shall waive all penalties and additions to tax and fifty percent of the interest imposed on the late filing of a return or the late payment of any tax for which tax amnesty is granted, which is owed as a result of nonpayment, underpayment, nonreporting or underreporting of tax liabilities; and