The bill establishes the School Innovation Grant Program, directed by the State Department of Education, to provide financial support to school districts in Oklahoma for implementing educational innovations. School districts interested in participating must submit a one-time grant application that outlines the proposed innovation, the requested funding amount for necessary resources, and the metrics for measuring success. Applications will be reviewed on a first-come, first-served basis, and after an initial review, department representatives will meet with school district representatives to discuss the proposals. The State Board of Education will ultimately approve or disapprove the applications based on recommendations from the department.

Additionally, the bill creates the School Innovation Revolving Fund, which will be a continuous fund consisting of appropriated legislative funds for the grant program. The allocation of grants will be based on the average daily membership (ADM) of the applying school districts, with specific percentages designated for different ADM categories. After one year of the program's implementation, the State Department of Education is required to collect data from grant recipients and submit a report detailing the impact of the innovations on the districts and their students. The bill is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage.