The bill amends existing laws concerning the Long-Range Capital Planning Commission and the Oklahoma Capital Assets Maintenance and Protection Act. It establishes the 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 develop and update plans for state capital facility needs, including an annual capital plan budget and an eight-year state capital plan. Additionally, it 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 introduces the Oklahoma Capitol Improvement Authority to manage the Oklahoma Capital Assets Maintenance and Protection Fund, allowing it to enter into memoranda of understanding with state agencies for managing expenditures and allocations. The Authority's responsibilities include acquiring real property, funding construction and repairs, and managing property titles, with an obligation to submit an annual financial report to key state officials. The bill removes previous provisions that limited allocations from the Fund for fiscal year 2025 and set caps for subsequent years, thereby streamlining the funding process. The act is set to take effect on July 1, 2025, with an emergency clause for immediate implementation upon passage.