NM HB240

Creates education opportunity accounts allowing parents of eligible K-12 students in New Mexico to receive state funds equal to the average per-pupil spending (weighted for special education and at-risk status) to pay for private school tuition, tutoring, textbooks, instructional materials, standardized testing fees, summer programs, and public transportation

Establishes a nonreverting Education Opportunity Account Fund administered by the Public Education Department, with $100 million appropriated for the program and $580,000 for administration starting in fiscal year 2027

Requires parents to sign annual contracts with the department agreeing to provide education in core subjects (reading, language arts, math, science, social studies) and prohibits participants from enrolling full-time in public school while receiving funds

Excludes online schools from participating as education service providers and specifies that private school providers are not required to alter their creed, admissions policies, or curriculum to accept payments

Creates a nine-member Education Opportunity Review Commission (five parents of participants and four licensed educators) to advise on qualifying expenses and provider eligibility, with annual reporting to the legislature and governor required by December 1