The bill amends the Oklahoma Aircraft Engine Testing Development Grant Program to include rocket engine testing, thereby expanding its scope and purpose. The short title of the program is updated to the "Oklahoma Aircraft and Rocket Engine Testing Development Grant Program." The bill also modifies the eligibility criteria for grant funding, allowing both public and private entities to apply for financial assistance aimed at enhancing the state's aircraft and rocket engine testing capabilities. Additionally, it establishes a revolving fund specifically for this program, which will be sustained through various sources of funding, including public and private donations.

Key changes include the insertion of "and Rocket" in the program's title and throughout the text, as well as the addition of "or rocket" in the descriptions of the grant's purpose and eligibility. The bill also updates statutory references and provides for the ongoing management of the revolving fund, ensuring that it is not subject to fiscal year limitations. The act is set to take effect on July 1, 2025, and an emergency clause is included to expedite its implementation.