HB 3067 - Oklahoma Education Savings Account Act

• Creates the Education Savings Account Program beginning with the 2015-2016 school year, allowing eligible students to receive annual state education funding deposits in individual savings accounts controlled by parents instead of attending traditional public schools.

• Eligible students include low-income families (earning up to 2x the federal free/reduced lunch threshold) and children of active-duty military members transferred to Oklahoma; funds equal 60-90% of State Aid factors based on household income level.

• Account funds may be used for private school tuition, virtual schools, tutoring, educational therapies, textbooks, standardized tests, and Coverdell Savings Account contributions, but not for computer equipment purchases, transportation, or consumable supplies.

• Requires annual account renewal with submission of standardized test scores; accounts close upon high school graduation or 4 years after graduation if student not in postsecondary education, with remaining funds returned to the General Revenue Fund.

• Establishes oversight mechanisms including quarterly audits, suspension procedures for non-compliance, anonymous fraud reporting, and a requirement that an independent research organization annually report on participating students' academic gains starting in year three of the program.