This bill establishes a new section in the Oklahoma Statutes that defines "public school foundation" as a nonprofit entity that is exempt from federal income taxation under specific sections of the Internal Revenue Code. It allows these foundations to expend funds on behalf of public school districts for various purposes, including professional development for teachers, scholarships for employees and students, literacy initiatives, equipment for STEM programs, technology support, and fees for summer camps and conferences.

The bill is set to take effect on July 1, 2026, and includes an emergency clause, indicating that it is necessary for the preservation of public peace, health, or safety, allowing it to be enacted immediately upon passage and approval.