The proposed "Low-Income Education Opportunity Account Act" establishes a program in New Mexico aimed at providing financial support to eligible students from low-income households. The act creates low-income education opportunity accounts, allowing 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 bill also mandates the formation of a review commission to oversee the program's compliance and operations.

Furthermore, the bill outlines the application process for parents, detailing the responsibilities of both the education department and the parents. It ensures that funds in the accounts are strictly used for educational purposes and cannot be refunded or shared. The act establishes a new fund in the state treasury, consisting of state appropriations, federal grants, and investment income, to support the program's administration. It includes appropriations of $580,000 for program administration and $100 million for its objectives, with provisions ensuring that unspent funds do not revert to the general fund at the end of the fiscal year. The review commission will assess qualifying expenses and handle appeals regarding education service providers, making recommendations based on majority votes.