The proposed legislation introduces the "Failing School Choice Act," which allows students assigned to failing schools—defined as those in the bottom fifteen percent of public schools in Rhode Island—to petition for enrollment in any public school with available capacity. The act specifies that receiving schools may accept nonresident students and will be eligible for state aid based on the per-pupil funding formula. It establishes eligibility criteria for students, including provisions for expulsion and suspension, and mandates that the Department of Education reclassify schools every five years based on performance. Students attending a school that falls into the bottom fifteen percent will remain eligible for school choice, and those enrolled in a receiving school can attend through the highest grade level offered by the failing school.

Additionally, the bill establishes the "Rhode Island Education Revitalization Fund Act," which creates a funding mechanism for the school choice program through a statewide property tax on real property owned by private and nonprofit colleges and universities. The tax amount will be based on the endowment of the institutions, and the collected funds will be included in the annual state budget approved by the General Assembly each fiscal year. The act is set to take effect upon passage.