The bill amends the Oklahoma Space Industry Development Act and the Oklahoma Department of Aerospace and Aeronautics Act, primarily enhancing the structure and authority of the Oklahoma Aerospace and Aeronautics Commission. It increases the commission's membership from seven to nine, with appointments from the President Pro Tempore of the Senate and the Speaker of the House of Representatives. The qualifications for commission members are updated to require at least three years of experience in aeronautical activities for those appointed by the Governor, while legislative appointees must have similar experience in the commercial space industry. Additionally, the bill establishes the Oklahoma Space Industry Development Authority, governed by a Board of Directors from the existing commission, and allows for contracts with the Oklahoma Department of Aerospace and Aeronautics.

Significant legal language changes include the insertion of terms like "Board of Directors" and "Oklahoma Space Industry Development Act," which clarify the governance structure. The bill also emphasizes the Authority's ability to own and operate facilities within spaceport territories, manage land use, and engage in promotional activities. It mandates the involvement of women, minorities, and disadvantaged business enterprises in economic development efforts, reflecting a commitment to inclusivity. Furthermore, the bill includes provisions for recodification of various sections of the Oklahoma Statutes, repeals certain sections, and establishes an effective date of July 1, 2025, while declaring an emergency for immediate effect upon passage.

Statutes affected:
Introduced: 74-5207, 74-5206
House Committee Substitute for Senate Bill: 74-5207, 74-5206, 74-56., 74-2025.
Floor (House): 74-5207, 74-5206, 74-56., 74-2025.
Floor (Senate): 74-5207, 74-5206
Engrossed: 74-5207, 74-5206
Amended And Engrossed: 74-5207, 74-5206, 74-56., 74-2025.
Enrolled (final version): 74-5207, 74-5206, 74-56., 74-2025.