Senate Bill No. 135 amends the Oklahoma Aircraft Engine Testing Development Grant Program to include rocket engine testing alongside aircraft engine testing. The bill modifies the program's short title to the Oklahoma Aircraft and Rocket Engine Testing Development Grant Program and expands its purpose to offer financial assistance for enhancing both aircraft and rocket engine testing capabilities and infrastructure. The eligibility criteria for grant applicants remain focused on public, private, and nonprofit entities with sufficient financial and management capacity, while also requiring a minimum of 40% matching funds and support from the airline or industry.

Additionally, the bill establishes a revolving fund named the Oklahoma Aircraft and Rocket Engine Testing Development Grant Program Revolving Fund, which will consist of various sources of funding, including public and private donations. The fund is designed to be a continuous source of financial support for the grant program, allowing for budgeted expenditures without fiscal year limitations. The bill also includes provisions for grant agreements, repayment conditions, and ongoing reporting requirements for awardees. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage.