The proposed "Student Opportunity Scholarship Act" (SOS Act) aims to enhance educational flexibility for eligible students in Michigan, particularly those from low-income households, children with disabilities, and those in foster care. The bill establishes scholarship-granting organizations (SGOs) responsible for certifying and managing student opportunity scholarship accounts. Funds from these accounts can be utilized for various educational expenses, including tuition for both public and nonpublic schools, tutoring services, and educational materials. The legislation allows for the rollover of funds from year to year and prioritizes funding based on financial need.

In addition to creating the framework for SGOs, the bill outlines specific operational requirements, such as conducting background checks on employees and providing detailed annual financial reports. SGOs are mandated to allocate at least 90% of their total annual contributions to SOS accounts and maintain separate accounts for SOS funds and operating funds. The bill also includes provisions to ensure that funds in SOS accounts are not considered taxable income for parents or students, prohibits differential tuition rates for SOS students, and emphasizes the independence of education service providers. The act will only take effect if Senate Bill No. 321 is enacted into law.