The Oklahoma Space Renaissance Act establishes a new legal framework aimed at enhancing the state's space industry. It includes the appropriation of funds to the Oklahoma Space Industry Development Authority for the fiscal year ending June 30, 2026. Specifically, the bill allocates $1.3 million for the Authority's operational duties, $35 million for infrastructure investments at the Oklahoma Air and Space Port to support spacecraft testing and STEM engagement, and $15 million for a microgravity research consortium in partnership with local research institutes.

The act is set to take effect on July 1, 2025, and includes an emergency clause to ensure its immediate implementation upon passage and approval. This legislation reflects Oklahoma's commitment to advancing its space industry and fostering innovation through significant financial investments.