The bill designates the Teton County Fairgrounds as the "Rylee McCollum Teton County Fairgrounds State Historic Site" in recognition of its historical significance and community role since 1941. The fairgrounds, which have hosted various events and activities, are a vital gathering place for the Teton County community. The bill highlights the importance of preserving this site, especially following the town council's decision to reduce the fairgrounds' size for housing development, which threatens access to cultural and heritage events in the area.

To protect the fairgrounds, the bill establishes specific restrictions on the use of the designated lands, ensuring they remain dedicated to western heritage, agricultural, and public recreational purposes. Any changes to the use of these lands or facilities will require legislative approval. The bill also mandates that the Department of State Parks and Cultural Resources provide a legal description of the site. The act is set to take effect immediately upon its passage.