The "Vietnam Veteran Era Bonus Extension Act" aims to provide financial bonuses to veterans who served in the U.S. Armed Forces during the specified period from September 1, 1973, to May 7, 1975, as well as to their beneficiaries. The act defines key terms such as "beneficiary," "combat veteran," and "honorable service," and establishes eligibility criteria for receiving bonuses. Combat veterans are entitled to a one-time payment of $600, while non-combat veterans can receive $15 per month of service, up to a maximum of $450. If a veteran is deceased or missing in action, their beneficiaries can apply for the bonuses on their behalf.

The act also creates the Vietnam Veteran Era Bonus Extension Fund, which will be managed by the Department of Military and Veterans Affairs. The fund will be financed through state treasury deposits and will be used exclusively for administering the act and awarding bonuses. Additionally, the act appropriates up to $1,000,000 from the general fund for administrative expenses and sets a deadline of five years for veterans or their beneficiaries to apply for benefits. If federal assistance becomes available for these bonuses, the state administrative board is authorized to accept such aid.