This bill amends Section 193 of Title 62 of the Oklahoma Statutes, which pertains to the Ad Valorem Reimbursement Fund. The legislation authorizes the reimbursement of school districts for revenue losses resulting from state property purchases exceeding $300 million, provided these purchases occur on or after January 1, 2025. The reimbursement is limited to the first two tax years following such purchases. Additionally, the bill modifies the priority of reimbursements, ensuring that claims related to new or expanded manufacturing or research and development facilities, as well as those related to state property purchases, are prioritized when funds are insufficient.

The bill also includes provisions for the claims process, requiring county commissioners to submit claims for reimbursement by April 30 each year, with the Tax Commission responsible for approving or disapproving these claims by June 15. The legislation ensures that disbursements from the fund are exempt from agency expenditure ceilings and outlines the distribution of remaining funds if there are insufficient resources to cover all claims. An emergency clause is included, allowing the act to take effect immediately upon passage and approval.