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 utilize the provisions of this chapter 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 will be entitled to attend through the highest grade level offered by the failing school.

Additionally, the bill establishes the "Rhode Island Education Revitalization Fund Act," which creates the Rhode Island education revitalization fund (RIERF) to provide funding for the school choice program. This fund will be financed through a statewide property tax on real property owned by private colleges, nonprofit colleges, and other post-secondary schools, with the tax amount determined by the institution's endowment. The collected funds will be included in the annual state budget to ensure ongoing support for the school choice initiative. The act is set to take effect upon passage.