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 re-enrollment, and mandates that the Department of Education assess school performance and capacity every five years.

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 determined based on the endowment of these institutions, and 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 failing schools while ensuring adequate funding for the initiative.