The "Low-Income Education Opportunity Account Act" is designed to provide financial assistance to eligible low-income students in New Mexico, enabling them to access essential educational services. The act establishes low-income education opportunity accounts funded by the state to cover various educational expenses, including tuition, tutoring, textbooks, and transportation. To qualify, students must be New Mexico residents, have not received a high school diploma, and have a household income below 200% of the federal poverty level. The Department of Education is tasked with managing these accounts, determining funding amounts, and ensuring compliance with program regulations.

Additionally, the act creates a low-income education opportunity account fund within the state treasury, which will be financed through state appropriations, federal grants, and investment income. The Department of Education will oversee this fund, ensuring that funds do not revert to other accounts at the end of the fiscal year. The bill also establishes a review commission to evaluate qualifying expenses and manage appeals related to education service providers. It includes appropriations of $580,000 for the public education department to administer the program and $100 million to support the fund's objectives in fiscal year 2026 and beyond, with unspent funds remaining available for continued program support.