The proposed bill amends the Rhode Island Life Science Hub Act, significantly broadening the definition of "life science" to include fields such as cell and gene therapies, health software, artificial intelligence, marine science, agricultural science, and veterinary science, while removing outdated references to "medical therapeutic therapies." It also introduces a clear definition of "revenue" and modifies the governance structure by increasing the number of directors from fifteen to sixteen, specifying qualifications for public directors, and including ex officio members from educational institutions. The hub is established as an independent public corporation, emphasizing its separate legal existence from the state and its role as a "constituted authority" for federal tax purposes.

Additionally, the bill outlines the operational framework for the hub, including the appointment process for board members, quorum requirements, and remote participation in meetings. It establishes an application review committee for life science companies, clarifies the governor's authority to remove directors for misconduct, and allows for the creation of advisory committees. The bill also introduces provisions for collaboration with various entities, obtaining insurance for board members, and managing investment funds. Significant deletions include the removal of references to "centers" and "hubs," and the bill clarifies the agency's authority to borrow money and manage property. Overall, the amendments aim to enhance the hub's operational efficiency, accountability, and capacity to foster economic development in the life sciences sector.