The bill amends the Rhode Island Life Science Hub Act by introducing new definitions and clarifying the structure and responsibilities of the hub. The definition of "certified life sciences company" has been updated to include a broader range of fields such as cell and gene therapies, health software, agricultural science, and marine science. The board of directors will increase from fifteen to sixteen members, with specified qualifications for public and institutional directors, including the president and CEO serving as an ex officio member who is not a voting member.

The bill establishes provisions for the hub to form venture capital funds and nonprofit corporations to accept donations for its purposes. It also outlines the powers of the hub, including the ability to borrow money, issue bonds, and enter into contracts to further scientific research and promote economic growth in the life sciences field. The hub will be exempt from federal, state, and local taxes, ensuring that it is not subject to state or municipal taxes, except for certain estate-related taxes.

Additionally, the bill emphasizes that all assets and obligations of the hub will revert to the state upon its termination, preventing any private benefit from earnings. It clarifies the treatment of revenues and assets pledged to the hub, eliminating the need for filing under the uniform commercial code for pledges or assignments. The act is set to take effect upon passage and will be retroactively applicable from September 1, 2023.