House Bill No. 2026 amends the Oklahoma Aircraft Engine Testing Development Grant Program to include support for rocket engine testing, thereby expanding the program's purpose. The bill modifies the short title to the "Oklahoma Aircraft and Rocket Engine Testing Development Grant Program" and updates the name of the associated revolving fund to reflect this change. It establishes that the program will provide financial assistance to both public and private entities for enhancing the state's aircraft and rocket engine testing capabilities and 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 specifies that grant agreements will be established between awardees and the Oklahoma Department of Aerospace and Aeronautics, which will include conditions for disbursement and requirements for ongoing reporting. The revolving fund created for this program will consist of various sources of funding, including public and private donations, and will be appropriated for the purpose of supporting the grant program. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.