The bill amends existing laws concerning the Long-Range Capital Planning Commission and the Oklahoma Capital Assets Maintenance and Protection Act. It establishes a new Long-Range Capital Planning Commission, composed of nine members appointed by the President Pro Tempore of the Senate, the Speaker of the House, and the Governor. The bill dissolves the Oklahoma Capital Assets Management and Protection Board, transferring its responsibilities to the Commission, which will now be tasked with developing and updating plans for state capital facility needs, including an annual capital plan budget and an eight-year state capital plan. Additionally, the bill modifies the allocation requirements for funds in the Oklahoma Capital Assets Maintenance and Protection Fund by eliminating fiscal year limitations and updating statutory language.

Furthermore, the bill designates the Oklahoma Capitol Improvement Authority to manage expenditures from the Oklahoma Capital Assets Maintenance and Protection Fund, with the authority to enter into memoranda of understanding with various state agencies. It mandates that the Oklahoma Capitol Improvement Authority submit an annual report by January 15 to key state officials detailing the fund's financial activities. The bill also deletes previous provisions regarding allocations from the fund for fiscal years 2025 through 2028, indicating a new approach to funding management. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.