The proposed "Low-Income Education Opportunity Account Act" establishes a program in New Mexico to provide financial support for eligible students from low-income households. The act creates low-income education opportunity accounts that allow the state's education department to contract with parents to cover qualifying educational expenses, such as private school tuition, tutoring services, and educational materials. Eligibility criteria include being a New Mexico resident, not having a high school diploma, and having a household income below 200% of the federal poverty level. The act also mandates the formation of a review commission to oversee the program's compliance and operations.

Furthermore, the bill introduces a "low-income education opportunity account fund" within the state treasury, which will be funded through appropriated funds, federal grants, and investment income, specifically for the administration of the act. It outlines the responsibilities of parents and education service providers, emphasizing that funds must be used solely for educational purposes and cannot be refunded or shared. The commission will assess the eligibility of expenses and service providers, and the bill requires an annual report to the legislature and governor on program metrics. A severability clause is included to ensure the act's enforceability if any part is found invalid.