The proposed bill amends the Rhode Island Life Science Hub Act by introducing new definitions and clarifying the operational framework of the hub. It expands the definition of "certified life sciences company" to include a broader range of fields such as cell and gene therapies, health software, agricultural science, and marine science. The structure of the board of directors is modified, increasing its size from fifteen to sixteen members and specifying qualifications for public and institutional directors. The president and CEO of the hub will serve as an ex officio, non-voting member of the board, and the board is granted the authority to establish advisory committees.

The bill outlines the hub's powers, including the ability to provide financial support to certified life science companies, issue and refund bonds, and create venture capital funds. It emphasizes that the hub's property and bonds are exempt from federal, state, and local taxes, and establishes the hub as a separate legal entity from the state. Upon termination, all assets and obligations of the hub will transfer to the state, ensuring that no part of the earnings will inure to the benefit of any private person.

Additionally, the legislation includes provisions for tax exemptions, a pledge from the state to protect the rights of bondholders, and clarifies the treatment of revenues and assets pledged to the hub. Overall, these amendments aim to enhance the hub's role in promoting life sciences in Rhode Island while ensuring financial protections and operational clarity. The act will take effect upon passage and apply retroactively to September 1, 2023.