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 tax exemptions for the hub, ensuring it is not subject to state or municipal taxes, except for certain estate, inheritance, and gift taxes. It emphasizes that all assets and obligations of the hub will revert to the state upon its termination, preventing any private benefit from earnings. The hub is authorized to create venture capital funds and nonprofit corporations to support its purposes and accept donations.

Additionally, the bill clarifies the treatment of revenues and assets pledged to the hub, stating that any pledge or assignment of revenues made by the hub will be valid and binding without the need for filing under the uniform commercial code. The act is set to take effect upon passage and will be retroactively applicable from September 1, 2023.