The bill establishes the Teacher Shortage Reduction Act, aimed at addressing the shortage of teachers in Oklahoma by providing financial incentives for high school students pursuing education degrees. It amends existing law regarding concurrent enrollment, allowing eligible high school juniors and seniors to receive tuition waivers for up to 60 credit hours if they declare an intention to pursue an accredited undergraduate teacher education program and commit to teaching in a public school 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 tuition waivers, including the necessity for students to submit a declaration form and the potential for repayment if they fail to comply with the teaching commitment. It mandates the Oklahoma State Regents for Higher Education to create rules for implementation and requires an annual report on the concurrent enrollment program's effectiveness. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage.