The bill amends the Oklahoma Space Industry Development Act and the Oklahoma Department of Aerospace and Aeronautics Act, primarily focusing on the Oklahoma Aerospace and Aeronautics Commission. It increases the number of commission members from seven to nine, with new appointments made by the President Pro Tempore of the Senate and the Speaker of the House of Representatives. The bill establishes qualifications for commission members, requiring those appointed by the Governor to have at least three years of experience in aeronautical activities, while legislative appointees must have similar experience in the commercial space industry or a space agency. Additionally, it updates statutory references and definitions, establishes a Board of Directors for the Oklahoma Space Industry Development Authority, and designates the Executive Director of the Department as the Authority's chief executive officer.

The bill enhances the powers and responsibilities of the Oklahoma Space Industry Development Authority, allowing it to own and manage facilities related to space operations and promoting space-related businesses. It includes significant deletions, such as the removal of specific provisions regarding Board member appointments and operational requirements, while clarifying that the Authority will adhere to the Administrative Procedures Act and protect trade secrets. The bill also allows the Authority to issue revenue refunding bonds, exempts its operations from taxes, and encourages inclusivity in economic development. Furthermore, it updates legal language related to spaceport activities and establishes an effective date of July 1, 2025, while declaring an emergency for immediate enactment 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.