Bill No. 135 amends the Oklahoma Aircraft Engine Testing Development Grant Program to include support for rocket engine testing, thereby expanding the program's purpose. The bill modifies the short title to the "Oklahoma Aircraft and Rocket Engine Testing Development Grant Program" and updates the name of the revolving fund to reflect this change. It also revises the criteria for grant funding, which will now support projects aimed at enhancing both the aviation and space propulsion industries in Oklahoma. The eligibility requirements for applicants remain, including the need for industry support and a minimum of 40% matching funds.

Additionally, the bill establishes a revolving fund within the State Treasury specifically for the Oklahoma Aircraft and Rocket Engine Testing Development Grant Program. This fund will consist of various sources of revenue, including public and private donations, and will be used to finance grants as outlined in the amended program. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.