The bill amends the Oklahoma Aircraft Engine Testing Development Grant Program to include rocket engine testing, thereby expanding its scope and purpose. The program will now be officially titled the "Oklahoma Aircraft and Rocket Engine Testing Development Grant Program." It aims to provide financial assistance to both public and private entities for enhancing the state's capabilities in aircraft and rocket engine testing, as well as developing the necessary infrastructure. The bill outlines eligibility criteria for applicants, including the requirement for a minimum of 40% matching funds and a detailed project proposal.

Additionally, the bill establishes a revolving fund named the "Oklahoma Aircraft and Rocket Engine Testing Development Grant Program Revolving Fund," which will be continuously funded through public and private donations, contributions, and legislative appropriations. It includes a specific appropriation of $20 million from the General Revenue Fund for the fiscal year ending June 30, 2026, to support the program. The bill also emphasizes the need for grant agreements that stipulate conditions for disbursement and reporting requirements for awardees. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage.