The bill amends Section 61.8 of Title 74 of the Oklahoma Statutes, which governs the Long-Range Capital Planning Commission. It aims to streamline the process for state agencies, boards, commissions, and public trusts in managing real property by updating statutory language and exempting certain entities from specific land and property requirements. Notably, the bill changes references from "State of Oklahoma" to "state" and adds the Grand River Dam Authority to the list of entities exempt from certain provisions. Additionally, it requires that any transfer of real property by state entities must receive prior approval from the Long-Range Capital Planning Commission, with specific conditions regarding the use of proceeds from such transfers.

Furthermore, the bill mandates that the Office of Management and Enterprise Services publish an annual report detailing the sale of previously state-owned properties, the reduction in leased space, and the status of the Maintenance of State Buildings Revolving Fund. It also allows for the liquidation of underutilized properties with environmental issues, enabling the acceptance of bids below 90% of appraised value under certain conditions. The bill declares an emergency, allowing it to take effect immediately upon passage and approval.