The bill amends the "Quasi-Public Corporations Accountability and Transparency Act" by introducing a new section that establishes limitations on the transfer or reallocation of funds collected by certain quasi-public entities in Rhode Island. It emphasizes the importance of transparency and accountability in the management of public resources by requiring that funds generated by these corporations remain with the entities to support their designated government functions and services. The bill explicitly prohibits the transfer of these funds to the state's general fund or other state agencies at the request of the governor or the general assembly.

Additionally, the bill outlines a list of specific quasi-public entities to which these provisions apply, including the Capital Center Commission, Convention Center Authority, I-195 Redevelopment District, Narragansett Bay Water Quality Management District Commission, Quonset Development Corporation, Rhode Island Airport Corporation, Rhode Island Commerce Corporation and its subsidiaries, Rhode Island Health and Educational Building Corporation, Rhode Island Housing and Mortgage Finance Corporation, Rhode Island Industrial Facilities Corporation, Rhode Island Industrial-Recreational Building Authority, Rhode Island Infrastructure Bank, Rhode Island Public Rail Corporation, Rhode Island Public Transit Authority, Rhode Island Refunding Bond Authority, Rhode Island Resource Recovery Corporation, Rhode Island Student Loan Authority, Rhode Island Tobacco Settlement Financing Corporation, Rhode Island Turnpike and Bridge Authority, Small Business Loan Fund Corporation, and Water Resources Board (Corporate). The intent is to ensure that the assets and resources of these entities are utilized solely for their intended purposes and do not benefit any external individuals or corporations. The act will take effect upon passage.