The bill establishes the Future of Corrections Fund, which will be administered by the Department of Corrections and is intended to secure additional correctional facilities. It authorizes the use of funds for various purposes, including the construction of new facilities, renovation of existing ones, and agreements with private correctional facilities. The bill also includes provisions for a transfer of $246 million from the general fund to support these initiatives, as well as an appropriation of $4 million for immediate needs related to the prison system. Additionally, it allows for optional lease-to-own agreements and mandates reporting requirements to ensure transparency in the use of funds.

Significant changes in the bill include the deletion of the phrase "a correctional facility" and its replacement with "correctional facilities," reflecting a broader scope for the construction and management of correctional capacity. The bill also allows for the planning and design of capital projects using existing contracts prior to receiving other funding sources. Furthermore, it stipulates that if the budget director determines that state construction is not in the state's best interests, funds may be redirected back to the Future of Corrections Fund. The bill is set to take effect immediately upon passage and approval.