The bill amends Section 16-7.2-6 of the General Laws under "The Education Equity and Property Tax Relief Act" to enhance state funding for various educational programs. Key insertions include provisions for direct state funding for excess costs associated with special education, career and technical education, voluntary pre-kindergarten programs, and transportation costs for students attending out-of-district non-public schools. Additionally, it establishes a Stabilization Fund for Central Falls, Davies, and the Met Center to ensure adequate funding for their students, and outlines criteria for allocating funds for these programs as determined by the General Assembly.

Significant deletions from the current law include the removal of the requirement for the Department of Elementary and Secondary Education to prorate funds among school districts when total approved costs exceed available funding. The bill also eliminates the previous funding structure for categorical programs based on a transition plan. Overall, the act aims to streamline funding processes and provide more direct support for educational initiatives, taking effect immediately upon passage.