House Bill No. 1961, introduced by Staires, amends the Oklahoma Aircraft Engine Testing Development Grant Program to include rocket engine testing alongside aircraft engine testing. The bill modifies the program's short title to the Oklahoma Aircraft and Rocket Engine Testing Development Grant Program and expands its purpose to support the development of both aircraft and rocket engine testing capabilities and infrastructure within the state. It establishes eligibility criteria for public, private, and nonprofit entities seeking funding, which includes demonstrating industry support, providing matching funds, and submitting a detailed project proposal.

Additionally, the bill creates a revolving fund within the State Treasury, designated as the Oklahoma Aircraft and Rocket Engine Testing Development Grant Program Revolving Fund, to support the grant program. This fund will consist of various sources of revenue, including public and private donations, and appropriations from the Legislature. The bill also outlines the conditions for grant disbursement, including the requirement for awardees to submit quarterly reports and the potential for repayment if terms are not met. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage.