House Bill No. 2026 aims to enhance the Oklahoma Aircraft Engine Testing Development Grant Program by expanding its scope to include rocket engine testing. The bill amends existing sections of the law to modify the program's title to the "Oklahoma Aircraft and Rocket Engine Testing Development Grant Program" and updates the purpose of the grant program to support both aircraft and rocket engine testing capabilities. It establishes eligibility criteria for public, private, and nonprofit entities seeking funding, which includes demonstrating industry support and providing a minimum of 40% matching funds for their projects.

Additionally, the bill creates a revolving fund designated as the "Oklahoma Aircraft and Rocket Engine Testing Development Grant Program Revolving Fund," which will be used to finance the grants. The fund will consist of public and private donations, contributions, and legislative appropriations, and will not be subject to fiscal year limitations. The bill also includes provisions for grant agreements, requiring awardees to report quarterly on their project activities. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage.