The bill establishes the United States Semiquincentennial Celebration Taxpayer Relief Act, which aims to provide financial relief to Oklahoma taxpayers in celebration of the 250th anniversary of American independence. It authorizes the Office of Management and Enterprise Services to reclassify up to $750 million of obligated but unexpended funds from the American Rescue Plan Act to revenue replacement, allowing these funds to be used for existing state obligations. The eligible uses of these reclassified funds include offsetting government service costs, supporting behavioral health services, and replenishing trust funds affected by the pandemic. A report detailing these reclassifications must be submitted to the Legislature and the U.S. Department of the Treasury by March 31, 2026.

Additionally, the bill creates the United States Semiquincentennial Taxpayer Relief Program, which will provide a one-time rebate of $250 per taxpayer or $500 for joint filers who meet eligibility criteria based on their 2024 or 2025 tax returns. The Oklahoma Tax Commission is tasked with administering this program, and $600 million is appropriated from the General Revenue Fund to support these efforts. The Joint Committee on Appropriations and Budget will oversee the implementation of the act, ensuring compliance and auditing of the reclassifications and rebates. An emergency clause is included, allowing the act to take effect immediately upon passage and approval.