HB2949 Summary

• Creates the Education Savings Account Program allowing eligible Oklahoma students to receive state education funding deposited into individual savings accounts beginning in the 2016-2017 school year.

• Establishes eligibility based on household income relative to federal free/reduced-price lunch thresholds, current or prior public school enrollment, or participation in the Lindsey Nicole Henry Scholarships for Students with Disabilities Program.

• Funds are deposited at 30-90% of per-student State Aid based on income level and eligibility category, with deposits made quarterly and prorated for mid-year participation.

• Allows account funds to be used for private school tuition, textbooks/curriculum, educational therapies, tutoring, public school services, standardized tests, and Coverdell Savings Account contributions, but prohibits purchases of equipment, routine transportation, and consumable supplies.

• Parents must sign agreements to provide education in core subjects, submit annual test results, and notify the State Board of Education of enrollment changes; violations may result in account suspension or termination with funds returned to school districts.