The proposed bill establishes the Oklahoma Advanced Nuclear Energy Office, which will be responsible for promoting and overseeing the development of advanced nuclear energy projects within the state. The Office will provide strategic leadership, collaborate with stakeholders, and support the creation of high-wage jobs in the advanced manufacturing sector. It will also conduct studies to identify regulatory functions related to nuclear energy generation and will be empowered to adopt necessary rules. The Governor will appoint a director for the Office, who will manage its operations and can hire staff, including a nuclear permitting coordinator to assist businesses with the regulatory process.

Additionally, the bill creates the Oklahoma Advanced Nuclear Development Revolving Fund to finance reimbursement grants for eligible businesses and organizations involved in advanced nuclear projects. The grants will cover various expenses related to project development and construction, with specific limits on the amount awarded. The Office will establish grant programs, evaluate applications based on potential benefits to the state, and ensure that all submitted information remains confidential. The act is set to take effect on November 1, 2026.