This bill establishes a program administered by the Oklahoma Department of Commerce to provide financial compensation to survivors of the 1921 Tulsa Race Massacre. Each eligible survivor will receive a payment of $2,000,000 from the newly created Tulsa Race Massacre Victims Compensation Revolving Fund. In the event that a survivor passes away before receiving the payment, the funds will be distributed to their designated legatees or descendants according to state succession laws. The Department of Commerce will collaborate with a committee composed of appointed members from the Senate, House of Representatives, and the Department itself to facilitate this program.

Additionally, the bill creates the Tulsa Race Massacre Victims Compensation Revolving Fund within the State Treasury, which will be a continuous fund not subject to fiscal year limitations. It will consist of all appropriated funds intended for compensating the survivors. The bill appropriates $4,000,000 from the General Revenue Fund for the fiscal year ending June 30, 2023, to support these payments. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.