The bill modifies the operations of the Wyoming Business Council by instituting new requirements and limitations on its activities. Effective April 15, 2027, the council will cease to accept or process new applications for grants, loans, or other funding, and will not approve any new financial aid or disburse funds for applications submitted after this date. Additionally, the council is mandated to report by April 30, 2026, on its financial obligations, including outstanding loans and bonds, as well as the total amount of grant funds that have been obligated but not yet disbursed. The bill also introduces restrictions on the council's ability to expand its programs or take on new functions until July 1, 2027, unless required by law.

To enhance oversight, the bill establishes the Wyoming Business Council Legislative Task Force, which will include members from various sectors and legislative representatives. This task force is responsible for evaluating the council's operations, gathering feedback on economic development initiatives, and making recommendations for improvements. It is required to meet at least three times and report its findings by October 1, 2026, before its termination on December 31, 2026. The bill allocates $20,000 from the general fund for legislative members' compensation and $40,000 for non-legislative members' expenses, both effective until June 30, 2028. Furthermore, it clarifies that existing contracts or obligations of the Wyoming Business Council will remain unaffected by the new provisions.