The bill amends several sections of the Oklahoma Statutes to establish a statewide student information system and revise the calculation of State Aid for school districts. It changes the terminology from "student record" to "student information" system and requires the State Board of Education to issue a request for proposals for this system by November 1, 2025. The bill mandates that school districts implement the new system by July 1, 2027, and outlines compliance requirements, including updated standards for data exchange and interoperability. Additionally, it introduces penalties for non-compliance, such as forfeiture of State Aid, and modifies the calculation of per pupil revenue to be based on actual revenues collected and weighted average daily membership.

Moreover, the bill updates statutory language to be gender-neutral and establishes a detailed process for calculating the Transportation Supplement and Salary Incentive Aid based on specific criteria. It also introduces exemptions from penalties for certain school districts under specific conditions, such as receiving tax settlements or increases in State Aid. The act includes a timeline for the implementation of the student information system and mandates monthly reporting from state offices to the State Department of Education regarding financial data relevant to school funding. The bill is set to take effect on July 1, 2025, with an emergency clause for immediate implementation upon passage.