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 educational expenses such as private school tuition, textbooks, and other materials. It creates the Idaho Education Opportunity Program Fund, which will be financed through legislative appropriations, donations, and interest. The state Department of Education will oversee the program, managing the application process for grants based on household income and setting up individual IEOP accounts for students. The bill also amends Chapter 30 of Title 63 to introduce an income tax deduction for private school tuition, detailing eligibility criteria and funding procedures for the IEOP accounts.

Furthermore, the bill allows qualified students aged 18 or older to extend the use of remaining funds for up to four years if they are unable to utilize them due to community service, military, or religious commitments. It clarifies that no government agency can control nonpublic schools or homeschooling, ensuring their autonomy. A new section, 63-3022W, permits individual taxpayers to deduct tuition and fees for a qualified dependent child attending a qualified school from their Idaho taxable income starting January 1, 2026. The bill specifies the definition of a "qualified dependent child" and outlines residency and custody stipulations for tax purposes, while also emphasizing the severability of its provisions.