The bill establishes the Teacher Shortage Reduction Act, aimed at addressing the shortage of teachers in Oklahoma by providing financial incentives for high school juniors and seniors who intend to pursue a career in education. It amends existing law regarding concurrent enrollment, allowing eligible students to receive tuition waivers for up to 60 credit hours if they commit to teaching in a public school in Oklahoma for three years after graduation. The bill also updates statutory language to replace "college or university" with "institution of higher education" and specifies that public school districts must distribute promotional materials about concurrent enrollment opportunities.

Additionally, the bill outlines the requirements for receiving tuition waivers, including the necessity for students to declare their intention to pursue an accredited undergraduate teacher education program. It mandates that students who fail to fulfill their teaching commitment must repay the tuition waiver, with provisions for hardship waivers. The Oklahoma State Regents for Higher Education are tasked with implementing the rules and reporting on the concurrent enrollment program annually. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage.