The bill amends the Oklahoma Five Major Sports Leagues Rebate Program Act by expanding the eligibility of sports leagues for rebate incentives. The name of the act and the associated fund are modified to remove the term "Five," allowing for the inclusion of additional leagues such as the Women's National Basketball Association (WNBA), Women's Professional Fastpitch (WPF), and the National Women's Soccer League (NWSL). The bill stipulates that establishments classified under NAICS code 711211, which includes professional sports teams from these leagues, can receive quarterly rebate payments from the Oklahoma Tax Commission, provided they meet specific payroll and employment criteria.

Additionally, the bill outlines the process for establishments to apply for rebates, the verification of gross payroll by the Tax Commission, and the conditions under which rebate payments may be forfeited. It establishes a special fund within the State Treasury for the rebate payments, with the Tax Commission authorized to withhold a portion of taxes for this purpose. The act is set to take effect on November 1, 2025.