The bill amends the Oklahoma Capital Formation Act by dissolving the Oklahoma Capital Investment Board and transferring its responsibilities to the Oklahoma Science and Technology Research and Development Board. Key changes include the establishment of a new revolving fund under the Oklahoma Center for the Advancement of Science and Technology, which will be a continuing fund not subject to fiscal year limitations. The new board will be empowered to solicit investment proposals and manage funds in alignment with the Oklahoma Capital Formation Act. The bill also aims to update statutory references and make the language gender-neutral.

In addition to the dissolution and transfer of responsibilities, the bill modifies various sections of the act to replace references to the "Oklahoma Capital Investment Board" with the "Oklahoma Science and Technology Research and Development Board." It ensures that any remaining funds from agreements made prior to June 8, 2012, are directed to the General Revenue Fund after the board fulfills its obligations. The enforceability of contracts or guarantees made by the board or its affiliates will remain intact despite the changes. The bill is scheduled to take effect on November 1, 2025.