The bill seeks to repeal Section 2 of Chapter 332 of the Public Laws of 1981, which established the "Capital Center Commission" as a public corporation and agency of the State of Rhode Island. This repeal will dissolve the Commission and eliminate its powers, including the authority to adopt development plans, manage property, and levy special assessments on property owners within the district. The bill also removes provisions that exempt the Commission from state income taxes and other taxes, as well as the legal framework for issuing notes and bonds. Additionally, it eliminates the stipulation that the Commission's obligations do not constitute a debt or liability of the State, along with a severability clause protecting remaining provisions in case of unconstitutionality.

In terms of governance, the bill restructures the board of commissioners overseeing property valuation and management, reducing the number of appointing authorities and clarifying the terms of service for commissioners. The new structure will consist of thirteen appointed members, with appointments made by the governor, the mayor of Providence, and the chairperson of the Providence Foundation, while removing the previous roles of the speaker of the house and the majority leader of the senate in the appointment process. The bill stipulates that commissioners will serve four-year terms without compensation, although they may be reimbursed for expenses. This legislative change aims to streamline operations and enhance efficiency in managing property-related matters, taking effect upon passage and the enactment of a corresponding ordinance by the city of Providence.