The "Education Opportunity Account Act" establishes a new program within the Public School Code in New Mexico, aimed at providing financial support to eligible students for accessing private education and other educational services. The act creates "education opportunity accounts" funded by the state, which parents can utilize for qualifying expenses such as tuition, tutoring, textbooks, and transportation. It outlines definitions, eligibility criteria, and allowable uses of funds, while also requiring the Department of Education to enter into annual contracts with parents to specify the educational services and costs involved. Additionally, the bill establishes an "education opportunity review commission" to assist in determining qualifying expenses and improving program implementation, consisting of parents and licensed educators appointed by the department's secretary.

The bill introduces new provisions regarding the Education Opportunity Account program, including a requirement for the review commission to recommend, by majority vote, qualifying expenses and the continuation of payments to education service providers. It mandates the department to report annually to the legislature and governor by December 1 on various program aspects, including participant demographics and financial data. Furthermore, the bill creates the "education opportunity account fund" within the state treasury, designated for the program's administration, and appropriates $580,000 for management and $100 million for the act's purposes, ensuring unspent balances do not revert to the general fund. A severability clause is included to maintain the validity of remaining provisions if any part of the act is found invalid.