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 used to provide payments into these accounts. Each fiscal year, $1,500 will be transferred into the educational savings account of each enrolled student who applies, with the funds available for use by July 15 or thirty days after application submission.

To ensure proper use of the funds, the bill outlines that the State Treasurer will monitor the accounts, investigate suspicious activities, and conduct audits. If funds are misused, the Treasurer will report the incident to the Nebraska State Patrol for further investigation. The bill also includes provisions to prevent fraud, requiring restitution for any misappropriated funds. Additionally, it clarifies that the establishment of these accounts does not expand state authority over private schools or require them to alter their admission standards. The State Board of Education is tasked with adopting rules and regulations to implement the provisions of this bill.