The bill amends the Oklahoma Aircraft Engine Testing Development Grant Program to include support for rocket engine testing, thereby expanding its scope. The program will now be officially known as the Oklahoma Aircraft and Rocket Engine Testing Development Grant Program. It aims to provide financial assistance to both public and private entities for enhancing the state's aircraft and rocket engine testing capabilities and infrastructure. The eligibility criteria for applicants include demonstrating industry support, providing a minimum of 40% matching funds, and submitting a comprehensive project proposal.

Additionally, the bill establishes a revolving fund within the State Treasury, designated as the Oklahoma Aircraft and Rocket Engine Testing Development Grant Program Revolving Fund. This fund will consist of various sources of revenue, including public and private donations, and legislative appropriations, specifically for funding grants under the newly named program. The bill also outlines the conditions for grant agreements, including repayment requirements and the necessity for quarterly reporting by awardees. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage.