The proposed "Low-Income Education Opportunity Account Act" aims to provide financial assistance to low-income students in New Mexico for various educational expenses. The act defines essential terms such as "eligible student," "education service provider," and "low-income education opportunity account." It establishes low-income education opportunity accounts funded by the state to cover expenses like private school tuition, tutoring services, and educational materials. The Department of Education will manage these accounts, determine funding amounts based on average public school spending, and enter into contracts with parents to outline allowable expenses. An application process for parents is also included to ensure funds are used strictly for educational purposes.

The bill creates a new fund in the state treasury for the program, consisting of state appropriations, federal grants, and investment income, and mandates annual reporting to the legislature and governor on program demographics, services, and financial data. It establishes a low-income education opportunity review commission to assess qualifying expenses and handle appeals regarding education service providers, with recommendations made based on majority votes. The bill appropriates $580,000 for program administration and $100 million to support its objectives, ensuring that unspent funds do not revert to the general fund at the end of the fiscal year.