The bill establishes the School Innovation Grant Program under the State Department of Education, aimed at providing grants to school districts in Oklahoma for implementing educational innovations. School districts interested in the program must submit a one-time grant application that outlines the proposed innovation, the requested grant amount for necessary resources, and metrics for measuring success. Applications will be reviewed on a first-come, first-served basis, and after an initial review, discussions will occur between department representatives and the applying school district. 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 all appropriated monies for the grant program. The allocation of funds will be based on the average daily membership of the applying school districts, with specific percentages designated for different size 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.