The bill establishes the Select Committee on the Wyoming Value Added Energy, Economic Development, and Industrial Plan, which will consist of members from both the Senate and House of Representatives, appointed by their respective leaders. The committee's primary responsibilities include reviewing project proposals, timelines, and deliverables related to energy and economic development initiatives in Wyoming. It is tasked with reporting recommendations to the Joint Appropriations Committee and the Joint Minerals, Business, and Economic Development Interim Committee by November 1, 2023. Additionally, the governor is authorized to create task forces to study specific projects and recommend policies to enhance the state's energy and industrial economy.

The bill also includes appropriations totaling $3.2 million for various initiatives, such as developing natural gas to liquid fuels facilities and improving access to domestic and international markets for Wyoming's products. The appropriations are intended for specific projects and are not to be included in the governor's standard budget for the following fiscal biennium. The task forces created under this act will operate until December 31, 2026, and will be responsible for providing outlines, timelines, and recommendations to the select committee, ensuring that the proposed projects deliver substantial public benefits to the state.