The bill amends the Rhode Island Life Science Hub Act by introducing several key changes to enhance the governance and operational framework of the hub. Notably, it expands the definition of "life science" to include cell and gene therapies, health software, artificial intelligence, marine science, agricultural science, and veterinary science, while removing outdated references to "medical therapeutic therapies." The governance structure is modified to increase the board of directors from fifteen to sixteen members, with specific qualifications for public and institutional directors, including a requirement for one public director to be a certified public accountant. The bill also clarifies the hub's status as an independent public corporation and outlines the roles of the president and chief executive officer, who will serve as a non-voting member of the board.

Additionally, the bill grants the hub expanded powers, including the ability to issue bonds for financing essential public facilities, manage real and personal property, and create nonprofit corporations for charitable contributions. It establishes a Rhode Island life science investment fund to support the hub's initiatives and outlines a conflict of interest policy for these nonprofits. The hub will not be subject to state or local taxes, ensuring financial independence, and all funds received will be treated as trust funds. The amendments aim to improve the hub's operational flexibility and financial capabilities, ultimately supporting the growth of the life sciences sector in Rhode Island. The act is set to take effect upon passage and will be retroactively applicable from September 1, 2023.