The bill, identified as Substitute House Bill No. 5363 with File No. 740, proposes the establishment of a "law enforcement officer memorial account" within the General Fund. This account is designed to be separate and nonlapsing, and it will contain funds appropriated by the state, monies required by law to be deposited, and any gifts, grants, donations, or bequests made for the purpose of the account. The State Treasurer will administer the account, and the funds will be used to provide grants to families of law enforcement officers killed in the line of duty. The Commissioner of Emergency Services and Public Protection is authorized to use the funds and may retain up to two percent of the moneys deposited in the account each fiscal year to cover administrative costs. An application process for eligible persons to apply for a grant may also be established by the commissioner.

The bill also mandates that, starting by January 1, 2025, and annually thereafter, the Commissioner of Emergency Services and Public Protection must report to the joint standing committees of the General Assembly on matters related to public safety and appropriations. The report will include the number of grant applications received, the number of eligible persons or families that received grants, the amount in grants made to each recipient, and any recommendations for the distribution of moneys from the account, including proposed legislation to support the account's purposes. The bill is effective upon passage, and the fiscal impact statement indicates that there is no fiscal impact to the state or municipalities. A legislative commissioners' statement notes that a deletion was made to avoid repetition, specifically removing the language that any balance remaining in the account at the end of any fiscal year shall be carried forward to the next fiscal year.