The bill amends sections 44-3-5 and 44-3-12 of the General Laws in Chapter 44-3, entitled "Property Subject to Taxation," to provide tax exemptions and credits for gold star parents and visually impaired persons. It introduces a new "Gold star parents’ exemption," which exempts from taxation the property of parents whose child served in the U.S. armed forces and died in the line of duty. The exemption amount is $3,000, with variations allowed by different towns, ranging from $225 to $46,500. The bill also allows certain towns to provide additional exemptions or tax credit reductions for gold star parents, with specific amounts listed for each town.

Additionally, the bill updates the "Visually impaired persons — Exemption" section, providing a $6,000 exemption for legally blind individuals, with variations for different towns. Some towns may offer exemptions as tax credits or higher exemption amounts, such as Tiverton with a $300 credit or greater, and Warren with an exemption up to $40,895. The bill also allows the town of Jamestown to provide a tax dollar credit reduction for visually impaired persons. The bill specifies that these exemptions are in addition to any other exemptions provided by law, except as noted in § 44-3-25. The act will take effect upon passage and grants Jamestown the legal authority to grant tax dollar reductions to gold star parents and visually impaired persons.