The bill, known as Senate Bill No. 473, amends the Rural Economic Action Plan of 1996 by requiring entities that receive funding under specific sections of Title 62 of the Oklahoma Statutes to develop a plan to measure the qualitative effects of their funded projects. This plan may involve public inquiries or surveys to assess the impact of the projects. Additionally, these entities are mandated 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 expenditures related to the creation of the required plan and report must be funded using the initial planning expenditure payments authorized in a previous section of Title 62. The act is set to take effect on November 1, 2025.