The bill proposes an amendment to Section 44-18-30 of the General Laws, specifically adding a new exemption to the sales and use taxes for new or used bicycles. This is indicated by the insertion of a new item in the list of exemptions, which states: "(69) Bicycles. From the sale and from the storage, use or other consumption of new or used bicycles." The bill aims to make bicycles more financially accessible to encourage their purchase and use. There are no deletions from the current law mentioned in the provided text.

The bill is designed to take effect immediately upon passage, as indicated by the legislative text. The Legislative Council's explanation clarifies the intent of the act, which is to provide a tax exemption for bicycles, thereby promoting their use. This change is the only amendment to the taxation code included in the bill, with no other alterations or provisions mentioned.