The bill establishes the Iowa State Capitol Historical Society, which will be responsible for collecting and preserving the history of the state capitol, including significant events, individuals, and the architecture of the building. The society will consist of 12 ex officio, nonvoting members from the general assembly, 18 residents of Iowa appointed by the governor, and the director of the department of administrative services or their designee. The appointed members will serve four-year terms, with specific provisions for filling vacancies and organizing the society.

Funding for the society will come from donations, grants, loans, and contributions from both public and private sources. The bill mandates that the funds received will be deposited into a newly created treasury fund, which will be controlled by the department. These funds are specifically appropriated for the society's duties and will not revert at the end of the fiscal year, ensuring ongoing availability for the society's operations.