The bill establishes the Oklahoma Talent Attraction and Relocation Revolving Fund within the State Treasury, which will be managed by the Oklahoma Department of Commerce. This fund is intended to support the Oklahoma Talent Attraction and Relocation Program, aimed at incentivizing households to relocate to Oklahoma from outside the state. The fund will consist of all designated monies and will not be subject to fiscal year limitations. The Department of Commerce will administer the program, which includes awarding grants to eligible applicants such as cities, towns, counties, or nonprofit corporations focused on economic development. The bill outlines the procedures for grant applications, disbursement, and reporting requirements for recipients.

Eligible households must meet specific criteria, including residing outside Oklahoma at the time of application and having a minimum income of $55,000. The bill mandates that grant recipients report semiannually on various metrics, including the number of household applications and the economic impact of the program. Additionally, the Department is required to submit an electronic report every two years to evaluate the effectiveness of the program. The bill also includes provisions for repayment of grant funds if recipients fail to meet their household goals or misuse the funds. The act is set to take effect on November 1, 2026.