The "Community Music Infrastructure and Events Development Act" seeks to create a program within the Oklahoma Film + Music Office to enhance music infrastructure and support community music festivals. The program will feature two tracks: Track A for Community Music Infrastructure Awards, requiring a minimum project cost of $50,000 (or $25,000 for rural areas), and Track B for Community Music Festivals, with similar budget requirements. Eligible projects include capital improvements, safety measures, and workforce training, with awards covering up to 20% of total project costs. The bill also establishes the Community Music Infrastructure and Events Development Revolving Fund, which will receive $5 million annually starting in fiscal year 2026, and tasks the Oklahoma Film + Music Office with administering the program and prioritizing rural projects.

Additionally, the bill amends Section 2355 of the Oklahoma statutes to adjust the apportionment of corporate income tax revenues. It specifies allocations to the General Revenue Fund, the Education Reform Revolving Fund, and the Teachers' Retirement System Dedicated Revenue Revolving Fund for various fiscal years, including a set percentage of 77.50% for the General Revenue Fund from fiscal years 2018 to 2022, and a decrease to 77.25% for fiscal years 2023 to 2027. The bill also mandates that 1% of the revenue be credited to the Ad Valorem Reimbursement Fund starting from fiscal year 2003. It is set to take effect on July 1, 2026, with an emergency clause for immediate implementation upon passage and approval.