The proposed bill establishes education savings accounts in South Dakota, allowing parents to access funds for their children's education. It defines key terms such as "curriculum," "eligible student," "microschool," "parent," and "qualifying school," which includes accredited nonpublic schools and microschools. The bill outlines the process for parents to apply for these accounts, detailing that funds can be used for tuition, educational materials, technology, and standardized testing fees. The Department of Education is tasked with managing the applications, ensuring compliance, and conducting audits to prevent fraud.

Additionally, the bill prioritizes applications based on household income and renewal status if funding is limited. It mandates that any unspent funds revert to the state at the end of each fiscal year and emphasizes the independence of qualifying schools, ensuring they are not subject to additional regulations beyond those necessary for the program. The legislation also protects the privacy of household income unless required for application prioritization. Overall, the bill aims to enhance educational options for families while maintaining the autonomy of educational institutions.