MI SB0320

Creates a Student Opportunity Scholarship (SOS) program allowing eligible K-12 students to receive scholarship accounts for qualifying education expenses including private school tuition, tutoring, online learning, textbooks, educational technology, uniforms, and transportation

Limits eligibility to students from households earning up to 200% of federal free/reduced lunch income thresholds, children with disabilities, children in foster care, or siblings of current SOS recipients

Caps scholarship amounts at $500 per year for public school students ($1,100 for students with disabilities) and up to 90% of the state target foundation allowance for students not currently enrolled in public schools

Requires nonprofit scholarship-granting organizations (SGOs) to be certified by the Department of Treasury, allocate at least 90% of contributions to student accounts, and submit annual audits and reports

Provides that contributions to SGOs are eligible for tax credits under companion legislation (SB 321), and funds allocated to SOS accounts used for qualifying education expenses are not taxable income to parents or students