To establish the Alabama Modified School Calendar Grant Program; to allow local boards of education to adopt a modified school calendar and to offset the associated costs with grants awarded through the program; to require the State Department of Education to administer the program; to create the Alabama Modified School Calendar Grant Fund and the Alabama Modified School Calendar Administration Fund within the State Treasury; to require the State Board of Education to adopt rules for implementing the program; to provide application and eligibility criteria for local boards of education to participate; and to provide for annual reporting on the use of funds by the State Board of Education.