The proposed bill amends the Rhode Island Life Science Hub Act, introducing several key changes to enhance the governance and operational framework of the hub. It expands the definition of "life science" to include a wider array 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 the number of directors from fifteen to sixteen and specifying qualifications for public and institutional directors. The bill establishes that all directors, including ex officio members, will be voting members, except for the president and chief executive officer, who will not have voting rights.

Additionally, the bill clarifies the hub's powers, including the authority to create venture capital funds, accept donations through nonprofit corporations, and engage in various financial activities such as issuing bonds. It also outlines the hub's ability to administer an investment fund to finance operations and initiatives, and to enter into contracts for the acquisition of properties.

Furthermore, the bill introduces provisions for tax exemptions for the hub, ensuring it will not be liable for state or municipal taxes, which will facilitate its operations. It stipulates that all assets and obligations of the hub will vest in the state upon termination, preventing any earnings from benefiting private individuals. The bill includes technical amendments regarding the handling of revenues and assets pledged to the hub, stating that these assets will be subject to a lien without the need for physical delivery or further action. The term "pledge" is expanded to include the granting of a security interest under the uniform commercial code. Overall, these amendments aim to strengthen the hub's role in advancing life sciences in Rhode Island while providing necessary financial and operational frameworks.