The proposed legislation, titled the "Failing School Choice Act," aims to provide students assigned to failing schools—defined as the bottom fifteen percent of public schools in Rhode Island—the opportunity to enroll in any public school with available capacity. The bill outlines that these students can petition for enrollment in a receiving school of their choice, which may accept nonresident students. Additionally, the legislation stipulates that receiving schools will be eligible for state aid based on the per-pupil funding formula, with provisions for reimbursement of tuition costs for students with special needs. The act also includes eligibility criteria for students, expulsion policies, and reporting requirements for the Department of Education to reassess school performance every five years.

Furthermore, the bill establishes the Rhode Island Education Revitalization Fund (RIERF) to support the school choice program financially. This fund will be financed through a statewide property tax on real property owned by private and nonprofit colleges and universities, with the tax amount determined by the institution's endowment. The collected funds will be included in the annual state budget. The act is set to take effect upon passage, aiming to enhance educational opportunities for students in underperforming schools while ensuring adequate funding for the initiative.