The bill amends the Tulsa Reconciliation Education and Scholarship Act to expand eligibility and modify the structure of the scholarship program. Key changes include replacing the term "resident" with "student," thereby broadening the scope of eligible participants. The income threshold for applicants has been raised from $70,000 to $125,000, and certain limitations on eligibility have been removed. The requirement for the Oklahoma Historical Society to verify documentation has been eliminated, with applicants now required to submit an attestation regarding the accuracy of their documentation. Additionally, students aged 21 or older are deemed ineligible to apply, and the State Regents for Higher Education are authorized to contract with the Tulsa Public School District for program administration.

Further modifications include a shift in the scholarship award computation from being based on the average resident tuition to the highest general enrollment fees of comparable institutions. The bill allows for a maximum of 300 scholarships to be awarded annually, prioritizing need-based awards if funds are limited. It establishes the Oklahoma State Regents for Higher Education as the board of trustees for the Trust Fund, which will be funded through various sources and is tasked with investing the trust capital. The bill also outlines that allocations from the Trust Fund are exclusively for scholarship awards, prohibiting the use of funds for administrative expenses. The act is set to take effect on July 1, 2026, with an emergency clause for immediate implementation upon passage and approval.