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. The accounts are intended to cover qualified educational expenses, which include tuition, textbooks, educational therapies, and materials for students with disabilities, while explicitly excluding transportation costs, food, clothing, and disposable materials. The State Board of Education is tasked with creating and maintaining a list of qualified expenses, and applicants (parents, guardians, or eligible students) must reapply annually to receive funds.

Additionally, the bill creates the Student Savings Account Support Fund, which will be administered by the State Treasurer, and outlines the process for funding these accounts, including a yearly payment of $1,500 per enrolled student starting in the 2026-27 school year. The bill also includes provisions to prevent fraud and theft, requiring the State Treasurer to monitor accounts and investigate suspicious activities. If fraud is detected, offenders may face legal consequences and be required to repay misappropriated funds. The legislation ensures that the establishment of these accounts does not expand state authority over private schools or alter their admission standards.