HB2551 - Education Savings Account Act

• Creates the Education Savings Account Program administered by the State Board of Education, beginning fall 2022-2023 school year, allowing eligible low-income students to receive state education funding in personal accounts instead of attending public schools.

• Eligible students are elementary or secondary students from households with annual income not exceeding 2.5 times the federal free or reduced-price lunch program threshold; parents must agree to educate students in reading, grammar, mathematics, social studies, and science and not enroll them in district or charter schools.

• State deposits some or all state aid (based on income tier) that would have gone to resident school district into student's Education Savings Account, ranging from 25% to 100% of district funding depending on household income level.

• Permissible account uses include tuition and fees at private schools, textbooks, tutoring, curriculum, online learning programs, standardized testing fees, postsecondary tuition, disability services, and college savings plan contributions.

• Participating schools must comply with health and safety laws, conduct criminal background checks on employees, provide receipts for expenses, and meet financial viability standards; students must take annual standardized tests with results reported to the State Board for public accountability reporting after three years.