This bill establishes an Education Empowerment Account program in Minnesota, aimed at providing financial support for eligible students' educational expenses. The program defines key terms such as "eligible education expenses," which include tuition, textbooks, registration fees for standardized tests, educational therapies, transportation services, and necessary technology. Eligible students are those residing in Minnesota who can enroll in public school from prekindergarten through grade 12. The bill outlines the creation of individual education empowerment accounts for participating students, stipulating that funds can only be used for approved educational expenses. Additionally, it mandates that any remaining funds in these accounts after a student's high school graduation can be applied to postsecondary tuition.

The bill also includes provisions for funding and oversight of the program. It establishes a special revenue fund for the education empowerment accounts, where both available federal funds and state appropriations will be deposited. The commissioner of education is tasked with creating application forms, notifying eligible students about the program, and ensuring proper documentation of fund expenditures. Furthermore, the bill requires an annual report to legislative committees on the state aid needed to fully fund the program for the upcoming school year. The provisions of this bill will take effect for students enrolling in eligible schools for the 2026-2027 school year and later.