This paper develops a theory of propositional identity which distinguishes necessarily equivalent propositions that differ in subject-matter. Rather than forming a Boolean lattice as in extensional and intensional semantic theories, the space of propositions forms a non-interlaced bilattice. After motivating a departure from tradition by way of a number of plausible principles for subject-matter, I will provide a Finean state semantics for a novel theory of propositions, presenting arguments against the convexity and nonvacuity constraints which Fine (2016, 2017a,b) introduces. I will then move to compare the resulting logic of propositional identity (PI) ...