This bill proposes the establishment of a new chapter in Title 15.1 of the North Dakota Century Code, which will create an education savings account (ESA) program. The bill defines key terms such as "administrator," "eligible student," and "participating school," and outlines the responsibilities of parents, the Bank of North Dakota, and the Department of Public Instruction in administering the program. Parents of eligible students can receive state grants for their child's education savings account, provided they agree to certain conditions, including not enrolling their child in public school and using the funds solely for qualified educational expenses. The bill also stipulates that funds deposited in the education savings accounts will not be considered taxable income.

Additionally, the bill mandates that the Bank of North Dakota will manage the education savings accounts and conduct audits to ensure compliance. Participating schools must adhere to health and safety laws and provide receipts for qualifying expenses. The Department of Public Instruction is tasked with informing families about the program and ensuring accountability through data collection on student performance and satisfaction. The bill emphasizes the autonomy of participating schools and education service providers, limiting state regulatory authority to the necessary enforcement of the ESA program's requirements.