The bill introduces significant amendments to the General Laws of Rhode Island concerning taxation, particularly focusing on the taxation of beverages, motor fuel, and corporate income tax. In Section 3-10-5, it adds a provision titled "Information supplemental to returns — Audit of books," allowing the tax administrator to request additional information from taxpayers and examine their records during business hours. This section also removes the previous requirement for Class A licensees to file annual sales and tax collection reports, along with the tax administrator's obligation to compile and submit a report to finance committees based on these reports. In Section 31-36-20, the bill renames the fund to the "Intermodal Surface Transportation Fund" and changes the deposit schedule from 24 hours to monthly, while specifying allocations for gas tax revenues.

Additionally, the bill modifies the powers and duties of the tax administrator in Section 44-1-2, removing a sunset provision that limited certain powers until December 31, 2021, and clarifying the assessment period for corporate income tax in Section 44-11-7.1. It introduces a requirement for business entities to notify the tax administrator before selling a major part of their assets, with penalties for non-compliance. The bill also establishes a sales tax exemption for works sold by artists and creates a statewide arts district program, while removing the requirement for the tax administrator to report on the program's impact. Other amendments include a ten-year limitation on deficiency determinations and collection actions, as well as clarifications on personal income tax assessments. Overall, the bill aims to enhance tax administration efficiency and support the arts sector in Rhode Island.