The Oklahoma Space Renaissance Act establishes a framework for funding and supporting the state's space industry through various appropriations to the Oklahoma Space Industry Development Authority. The bill allocates a total of $51.3 million from the General Revenue Fund for the fiscal year ending June 30, 2026. This includes $1.3 million for the Authority's operational duties, $35 million for infrastructure investments at the Oklahoma Air and Space Port to facilitate spacecraft testing and launching, and $15 million for a microgravity research consortium aimed at applied science commercialization in partnership with local research institutes.

The Act is set to take effect on July 1, 2025, and includes a declaration of emergency to ensure its immediate implementation upon passage and approval. The new law is not intended to be codified in the Oklahoma Statutes, indicating its specific focus on the space industry and related initiatives without altering existing legal frameworks.