The bill amends the current school rating system in Arkansas by requiring the Division of Elementary and Secondary Education to enhance the existing public school rating framework. It mandates the creation of a new rating system specifically for private schools that participate in the Arkansas Children's Educational Freedom Account Program. The updated school rating system will utilize a multiple-measures approach, incorporating various indicators such as academic achievement, student growth, graduation rates, and progress of English learners, among others.

Additionally, by January 1, 2024, the Division is tasked with establishing a participating private school rating system that aligns with the measures and indicators of the public school rating system. This includes considering the percentage of students enrolled in the previous school year who are eligible for the national school lunch program when evaluating the existing school rating system. The bill aims to ensure that both public and private school ratings are comprehensive and reflective of various educational factors.