The bill amends various sections of the Rhode Island General Laws concerning campaign contributions and expenditures reporting, introducing new definitions and clarifying existing terms. Key insertions include a definition for "accounts payable," which pertains to credit extended for campaign expenditures, and a refined definition of "covered transfer" that outlines conditions for fund transfers related to independent expenditures and electioneering communications. The bill also increases the reporting threshold for contributions and expenditures from $100 to $200, requiring candidates and political committees to report only those amounts that exceed this new limit. Additionally, it raises the maximum aggregate contribution limit from $1,000 to $2,000 for individuals, PACs, and political party committees.

The legislation also includes deletions of outdated language to enhance clarity and streamline definitions, such as those for "business entity" and "candidate." It introduces new provisions for public financing of primary elections, allowing candidates to utilize public funds for allowable expenses related to party nominations, contingent upon meeting specific eligibility criteria. Furthermore, the bill mandates that candidates with outstanding fines owed to the board of elections are ineligible for public funds. The act is set to take effect on January 1, 2024, replacing the previous provision for immediate effect upon passage.