HB 2295 Summary

• Creates the Education Savings Account Program allowing eligible Oklahoma students to withdraw state education funding into individual accounts for approved educational expenses beginning in the 2017-2018 school year.

• Eligible students include those with household income at or below 200% of federal free/reduced lunch threshold, military families transferred to Oklahoma, and students with disabilities, with funding amounts ranging from 30% to 90% of State Aid based on income level.

• Permitted account uses include private school tuition, educational materials and curriculum, tutoring services, testing fees, and Coverdell Education Savings Account contributions; prohibits use for computer hardware purchases, routine transportation, and consumable supplies.

• Establishes two administrative funds (one for State Department of Education and one for State Treasurer) using 5% and 1% of deposited funds respectively, with the Treasurer making quarterly deposits and conducting account management.

• Requires annual parental renewal with standardized test score documentation, allows suspension or termination for non-compliance with potential fraud referrals to the Attorney General, and mandates an independent research organization study beginning in year three to evaluate student learning gains.