Bill No. 473 mandates that entities receiving funding under specific sections of the Oklahoma Statutes related to the Rural Economic Action Plan of 1996 must develop a plan to assess the qualitative effects of their funded projects. This plan can include public inquiries or surveys to gather data on the impact of the projects. Additionally, these entities are required to submit a report to the Oklahoma Department of Commerce by January 1, 2028, detailing the qualitative effects of at least two projects that received funding.

Furthermore, the bill stipulates that any costs incurred in creating the required plan and report must be covered by the initial planning expenditure payments authorized under existing law. The bill is set to take effect on November 1, 2025.