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 can be utilized for various qualifying educational expenses, including tuition, tutoring, textbooks, and transportation. Parents of eligible students can apply for these accounts, and the Department of Education will manage the program, overseeing funding amounts, application processing, and compliance with the act's provisions. Additionally, the bill establishes an "Education Opportunity Review Commission" composed of parents and licensed educators to recommend qualifying expenditures and ensure that education service providers adhere to the program's guidelines.

The bill introduces new provisions mandating that the Education Opportunity Review Commission must recommend, by majority vote, the qualification of specific fund uses and the payment status of education service providers. It also requires the Department of Education to report annually to the legislature and the governor by December 1 on various program aspects, including participant demographics and financial data. Furthermore, the act creates the "education opportunity account fund" within the state treasury, consisting of appropriated funds, federal grants, and investment income, designated for the program's administration. The bill appropriates $580,000 for the public education department and allocates $100 million for the act's purposes, ensuring that unspent balances do not revert to the general fund. A severability clause is included to maintain the validity of the remaining provisions if any part of the act is deemed invalid.