The bill amends the Oklahoma Capital Formation Act by dissolving the Oklahoma Capital Investment Board and transferring its responsibilities to the newly established Oklahoma Science and Technology Research and Development Board. Key changes include the modification of definitions and references throughout the act, particularly in sections 5085.12, 5085.14, 5085.15, and 5085.16, where the new board's name is inserted to reflect its focus on science and technology. Additionally, a new revolving fund is created under the Oklahoma Center for the Advancement of Science and Technology, and all contracts and agreements from the dissolved board will be transferred to this new entity. The bill also aims to ensure gender-neutral language and update statutory references.

Upon the act's effective date, November 1, 2025, the new board will have the authority to solicit investment proposals, manage funds, and ensure that investments contribute to job creation and economic stability in Oklahoma. It is specified that any remaining funds from agreements made prior to June 8, 2012, will be directed to the General Revenue Fund of the State Treasury after the board settles its obligations. The bill emphasizes that the powers of the new board are cumulative and not limited by the provisions of the Oklahoma Capital Formation Act, ensuring its ability to mobilize investments and achieve its economic development goals remains intact.