This bill would enable Puerto Rico's residents to choose their political future through a binding referendum. The law establishes a plebiscite scheduled for November 2, 2025, offering three options: independence, statehood, or sovereignty in free association with the United States. If no option receives a majority vote, a runoff election would be held on March 8, 2026, between the two top choices. The bill authorizes necessary funding for voter education campaigns and requires bilingual ballots and materials, with federal oversight to ensure fairness in how the three options are presented. The legislation provides detailed transition procedures for each potential outcome, including the creation of constitutional conventions, transfer of government functions, and adjustments to citizenship and federal benefits. For independence and free association scenarios, Puerto Rico would eventually cease being subject to U.S. law and sovereignty, though residents would retain certain rights. Under statehood, Puerto Rico would become the 51st state with full representation in Congress. The bill also terminates the current federal financial oversight board once any new status takes effect, returning control to either the independent nation or state of Puerto Rico.