This bill mandates the establishment of educational savings accounts by the State Treasurer for students enrolled in kindergarten through twelfth grade at approved or accredited public, private, denominational, or parochial schools. The accounts are intended for use on qualified educational expenses, which include tuition, textbooks, educational therapies, and materials for students with disabilities, among others. The bill also creates the Student Savings Account Support Fund, which will be administered by the State Treasurer, and outlines the process for parents or guardians to apply for these accounts, including annual reapplication requirements.

Additionally, the bill includes provisions to prevent fraud and theft associated with these accounts, requiring the State Treasurer to monitor account activity and investigate suspicious transactions. If fraud is detected, the State Treasurer will report the incident to the Nebraska State Patrol for further investigation. The bill emphasizes that funds from the educational savings accounts must be used exclusively for qualified educational expenses and establishes penalties for any misuse of funds. The State Board of Education is tasked with creating a list of qualified expenses and may adopt regulations to implement the provisions of this bill.