The proposed 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. These accounts are intended to cover qualified educational expenses, which include tuition, textbooks, educational therapies, and materials for students with disabilities, among others. The bill outlines the responsibilities of the State Treasurer and the State Board of Education, including the creation of a Student Savings Account Support Fund to manage these accounts and the requirement for annual reapplication by account holders.

Additionally, the bill includes provisions to prevent fraud and theft associated with these accounts, allowing the State Treasurer to monitor account activity and investigate suspicious transactions. If fraud is detected, the State Treasurer is required to report the incident to the Nebraska State Patrol for further investigation. The bill also clarifies that it does not expand state authority over private schools or require changes to their admission standards. Overall, the legislation aims to provide financial support for educational expenses while ensuring accountability and oversight of the funds.