House Bill No. 1277 amends Section 3-104 of Title 70 of the Oklahoma Statutes, enhancing the powers and duties of the State Board of Education. The bill requires the Board to electronically submit an annual report to the Governor and Legislature, which will include statistics and recommendations for the public school system. It also restricts the Board's ability to revoke or suspend licenses or certificates to specific reasons, such as willful violations of law or child abuse, and prohibits summary actions pending investigations unless there is an emergency. Furthermore, the bill mandates that the superintendent of the school district be notified when a formal investigation is initiated.

In addition, the legislation establishes the State Public Common School Building Equalization Fund, which will receive deposits from capital gains on real estate by corporations and assets of the permanent school funds to assist school districts and eligible charter schools in acquiring buildings. The bill clarifies that redbud school grants from this fund will function as a building fund and defines "school districts" to include both traditional districts and eligible charter schools. It outlines the methodology for determining grant amounts based on revenue calculations and specifies funding sources for fiscal year 2022 and beyond. The act is set to take effect on July 1, 2025, with an emergency clause for immediate implementation upon passage.