The bill introduces CHAPTER 117, titled "Education Freedom Account Program," to Title 16 of the General Laws. This act establishes a program that allows qualified students to utilize state education funds for alternative learning experiences. Parents will have the ability to direct their child's state education funding into an education freedom account (EFA) administered by the Children's Scholarship Fund of Rhode Island (CSF), enabling them to pay for educational expenses such as tuition and fees at private schools, tutoring, textbooks, and other educational materials, rather than being limited to public schools.

The bill defines key terms related to the program, including "eligible student," which refers to a resident who can enroll in a public elementary or secondary school and meets specific income criteria. It also outlines the application process for parents seeking to establish an EFA for their child, including the requirements for approval and the responsibilities of parents in managing the funds.

The CSF is tasked with maintaining an updated list of approved education service providers and ensuring that parents receive clear information regarding the allowable uses of EFA funds. The act allows for the transfer of per pupil funding into EFAs for qualifying students, which can be used for various educational expenses. Additionally, the CSF is authorized to accept gifts and grants to cover administrative costs and is required to adopt rules and regulations necessary for the administration of the program, including mechanisms for fraud reporting.

Importantly, the CSF is prohibited from excluding or discriminating against any education provider based on their religious character or affiliation. The act will take effect upon passage.