The Oklahoma Talent Attraction and Relocation Act establishes a program within the Oklahoma Department of Commerce aimed at incentivizing households to relocate to Oklahoma from outside the state. The Act allows for the awarding of grants to eligible applicants, which include cities, towns, counties, and nonprofit corporations focused on economic development. Grants are limited to a maximum of $250,000 per municipality per fiscal year and are contingent upon the availability of funds. Eligible applicants must submit a detailed talent recruitment program plan and demonstrate a minimum contribution of 20% towards the program's total cost. The Act also outlines the criteria for household eligibility, requiring that applicants have an income of at least $55,000 and reside outside Oklahoma at the time of application.

Additionally, the Act creates the Oklahoma Talent Attraction and Relocation Revolving Fund, which will be used to finance the program and is not subject to fiscal year limitations. The fund will consist of appropriated state funds, federal funds, and other contributions, and will be managed by the Oklahoma Department of Commerce. The Department is tasked with monitoring the program's effectiveness through periodic reporting and audits, ensuring that funds are used appropriately and that the program meets its goals. The Act is set to take effect on November 1, 2026.