The proposed bill establishes the Idaho Education Opportunity Program (IEOP) under a new Chapter 68 in Title 33 of the Idaho Code, aimed at providing financial assistance to qualifying students for various educational expenses, including tuition and textbooks. It creates the Idaho Education Opportunity Program Fund, which will be managed by the state department of education and funded through legislative appropriations, donations, and interest. The bill defines key terms such as "qualified student" and "eligible postsecondary institution," and outlines the eligibility criteria and application process for students seeking assistance. Additionally, it amends Chapter 30 of Title 63 to introduce a new section allowing for an income tax deduction for private school tuition, with specific funding allocations based on household adjusted gross income.

Furthermore, the bill allows qualified students aged 18 or older to apply for an extension of up to four years to utilize remaining funds if they are unable to do so due to community service, military, or religious commitments. It stipulates that any remaining funds in a closed account will revert to the general fund and grants the state department of education authority to manage IEOP accounts and conduct audits. The new section, designated as 63-3022W, establishes a tax deduction for individual taxpayers for tuition and fees paid for a qualified dependent child attending a qualified school, effective January 1, 2026. The bill includes provisions for divorced or non-custodial parents and emphasizes that the deduction does not include funds received through the IEOP, along with a severability clause to maintain the validity of remaining provisions.