The Education Opportunity Account Act establishes a new program within the New Mexico Public School Code to provide education opportunity accounts for eligible students. It defines key terms such as "education opportunity account," "eligible student," and "education service provider," while outlining the responsibilities of the New Mexico Department of Education in managing these accounts. The department is responsible for creating and funding these accounts, which can be utilized for various educational expenses, including private school tuition, tutoring services, and educational materials. The act ensures that funds in these accounts are not taxable and sets procedures for application, renewal, and suspension of accounts. Additionally, it establishes an Education Opportunity Review Commission to assist in determining qualifying expenses and improving the program, emphasizing compliance with educational standards and proper fund management.

The bill introduces new provisions, including an annual reporting requirement and the creation of an Education Opportunity Account Fund within the state treasury. The department is mandated to report to the legislature and the governor by December 1 each year on various aspects of the program, such as demographics of participating students and financial data related to the accounts, enhancing transparency and accountability. The Education Opportunity Account Fund will consist of appropriated funds, federal grants, and investment income, specifically allocated to support the program's administration. Importantly, any unspent funds at the end of a fiscal year will not revert to the general fund, ensuring ongoing resource availability for the program. The bill also includes a severability clause to protect the remaining provisions if any part of the act is deemed invalid.