Funding for virtual instruction in public schools. Establishes a definition of "virtual instruction" for purposes of determining a school corporation's basic tuition support using the 2021 spring count of average daily membership (ADM). Requires, not later than August 1, 2021, and not later than August 1, 2022, each governing body of a school corporation and the equivalent for each charter school to submit to the department of education (department) a report that includes certain information regarding instruction during the 2020-2021 school year and the 2021-2022 school year. Requires the department to do the following: (1) Conduct, in collaboration with the state board of education (state board), a learning loss study regarding students in kindergarten through grade 10. (2) Prepare a report regarding the 2020-2021 school year and a report regarding the 2021-2022 school year that includes the submitted information and the study by the department. (3) Not later than December 1, 2021, and not later than December 1, 2022, submit the applicable reports to the governor, state board, and legislative council. Urges the legislative council to assign to an appropriate study committee for the 2022 interim and the 2023 interim the task of studying the information in the reports.