HB 3398 - Oklahoma Education Savings Account Act

• Creates the Education Savings Account Program allowing eligible low-to-moderate income students to receive state funding deposited into individual accounts for educational expenses starting in the 2014-2015 school year

• Eligible students include those from households earning up to 2 times the federal free/reduced lunch threshold, current public school attendees, Lindsey Nicole Henry Scholarship participants, and military-connected students with 90%, 60%, or 30% funding based on income level

• Account funds may be used for private school tuition, virtual courses, educational therapies, tutoring, curriculum, public school services, standardized tests, and Coverdell Education Savings Account contributions, but not for equipment purchases or student transportation

• Requires annual account renewal with documented standardized test results; parents must provide education in core subjects and notify the state of enrollment changes; establishes fraud reporting and suspension procedures with a 10-day appeal period

• State Board of Education retains 5% of deposits for administration; establishes Treasurer's Education Savings Account Administrative Fund; mandates independent study of academic gains beginning year three with annual reports; becomes effective July 1, 2014 with emergency declaration