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, such as private school tuition, textbooks, and educational therapies. 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 outlines eligibility criteria, funding procedures, and the administration of student accounts, ensuring that the funds are strictly used for qualified educational expenses.

Additionally, the bill amends Chapter 30 of Title 63 to introduce a new section allowing for an income tax deduction for private school tuition, designated as Section 63-3022W. This section defines a "qualified dependent child" and sets conditions for claiming the deduction, including provisions for divorced parents. It 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. The bill also 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 coordinate with the state tax commission regarding the new tax deduction.