The bill amends the Rhode Island General Laws in Chapter 17-25, which deals with campaign contributions and expenditures reporting. It introduces a new definition for "accounts payable" and redefines "covered transfer," clarifying the conditions under which funds are used for independent expenditures or electioneering communications. The bill also redefines "electioneering communication" and introduces the concept of an "exempt nonprofit." It specifies "fair market value" for goods and services and raises the threshold for reporting contributions and expenditures from $100 to $200. Additionally, the bill increases the maximum aggregate contribution limit from $1,000 to $2,000 per calendar year and prohibits corporate contributions with certain exceptions, while also setting cash contribution limits.

The bill modifies the reporting intervals for campaign treasurers and increases the expenditure threshold for filing reports from $1,000 to $2,000. It outlines procedures for campaign fund dissolution and mandates the submission of a paper copy of the campaign account statement. The bill also adjusts the filing deadlines for reports with the board of elections, sets fines for late filings, and allows for extensions. It expands public financing to include primary elections, outlines matching fund provisions, and sets eligibility criteria for candidates to receive public funds. Lastly, the bill specifies permissible uses of public funds, allows for additional fundraising in primary elections, and sets the act to take effect on January 1, 2024.