The bill amends the Oklahoma Emission Reduction Technology Rebate Program by modifying the eligibility requirements for rebate payments and clarifying statutory language. Key changes include the requirement for applicants to submit documentation of expenditures within six months after the completion of a qualified Emission Reduction Project, rather than after the expenditures were made. Additionally, all applications for rebate payments must be submitted no later than six months prior to the cessation of the program. The Department of Environmental Quality is also tasked with establishing a process for preliminary review and approval of rebate applications before project funds are expended.

Furthermore, the bill stipulates that the Department of Environmental Quality will approve or disapprove claims for rebate payments and notify the Oklahoma Tax Commission, which will issue payments from the designated revolving funds. If the approved claims exceed the available funds, payments will be made proportionally to all claimants. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.