Bill > S1039

This bill makes several technical amendments to the Rhode Island Life Science Hub, a public corporation designed to promote life sciences initiatives in the state. The key changes include expanding the board of directors from 15 to 16 members, with 15 appointed by the governor and the president and CEO serving as a non-voting ex officio member. The bill broadens the definition of "life science" to include areas like cell and gene therapies, health software, artificial intelligence, marine science, agricultural science, and veterinary science. The hub is granted additional powers, such as the ability to organize venture capital funds, create nonprofit corporations to accept donations, and establish advisory committees. The bill also provides significant tax exemptions for the hub, declaring that its property, bonds, and revenues will be free from federal, state, and local taxation. The hub is explicitly defined as a governmental instrumentality and an essential government function, with all of its assets reverting to the state upon termination. The bill allows the hub to enter into various contracts, borrow money, issue bonds, and invest funds, while providing legal protections for its operations. The amendments are retroactive to September 1, 2023, and aim to enhance the hub's ability to support and attract life sciences businesses in Rhode Island.

Budget and Finance

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