The Education Freedom Account Act establishes a new program within the Public School Code in New Mexico, aimed at providing financial support for eligible students to access private education and cover other qualifying educational expenses. The Act defines key terms such as "education freedom account," "eligible student," and "education service provider," and outlines the creation of education freedom accounts funded by the state. Parents of eligible students can apply for these accounts, which can be used for various educational expenses, including tuition, tutoring, and instructional materials. The Act also mandates the establishment of a review commission to oversee the program and ensure compliance with its provisions, while emphasizing parental involvement and accountability.

Furthermore, the Act introduces new provisions, including an annual reporting requirement and the creation of an "education freedom account fund" within the state treasury, which will consist of appropriated funds, federal grants, and investment income. The Department of Education is tasked with managing the program, maintaining a list of qualified education service providers, processing payments, and auditing accounts. The bill appropriates $580,000 for the public education department to manage the program and allocates $100 million for the fund's purposes, ensuring that any unspent balances do not revert to the general fund at the end of the fiscal year. A severability clause is included to protect the remaining provisions if any part is deemed invalid.