The bill amends the Oklahoma Quality Events Incentive Act by updating definitions, expanding eligible expenses, and clarifying statutory language. Key changes include the introduction of the term "projected incremental sales tax revenue," which replaces the previous "incremental sales tax revenue," and the addition of a new category for quality events designated by local municipalities, allowing them to promote one event annually with a minimum investment of $5,000. The bill also specifies that eligible expenses for quality events can now include equipment rental and professional services, among others.

Additionally, the bill establishes a cap on incentive payments, limiting them to $250,000 for single quality events and $100,000 for events designated by municipalities. It requires host communities to submit detailed information to the Oklahoma Tax Commission regarding local support amounts and the economic impact of the events. The effective date for these changes is set for November 1, 2026.