The proposed bill establishes education savings accounts in South Dakota, allowing parents to access funds for educational expenses for their eligible children. Key definitions are introduced, including "curriculum," "eligible student," "microschool," "parent," and "qualifying school." The bill outlines the process for parents to apply for these accounts, detailing the types of expenses that can be covered, such as tuition for accredited nonpublic schools, microschools, and approved virtual coursework. 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 establishes a framework for the Department of Education to create rules and guidelines for the program. Importantly, the bill emphasizes the autonomy of qualifying schools, stating that they are not required to change their policies or disclose household income unless necessary for application prioritization. It also prohibits qualifying schools from charging higher fees to students using education savings accounts compared to those who do not.