The proposed legislation, known as the "Equity Impact Statement and Budget Equity Impact Act," aims to address persistent disparities in Rhode Island by incorporating Equity Impact Statements into the legislative process. These statements will assist legislators in evaluating whether proposed bills are likely to increase equity, decrease equity, or have no impact on equity, particularly concerning historically disadvantaged populations defined by race, color, ethnicity, religion, sex, sexual orientation, gender identity or expression, disability, age, and/or country of ancestral origin.

The act establishes a pilot study from January 2026 to December 2028, allowing for the request of equity impact statements for up to twenty pieces of proposed legislation. The Speaker of the House may request equity impact statements for up to five pieces of proposed legislation in the House, the Senate President may request statements for up to five pieces in the Senate, and the Rhode Island Black, Latino, Indigenous, Asian-American, and Pacific Islander Caucus may request statements for up to five pieces in each chamber.

Additionally, the act mandates that the state budget include explanations of how budget provisions further equity efforts. The budget officer will be responsible for including a supplemental presentation identifying departmental programs and expenditures that promote equity. The act is set to take effect on July 1, 2025, and aims to enhance the legislative process by ensuring that equity considerations are integrated into policy-making and budgetary decisions.