Prekindergarten Savings Account Program - Establishment

HB 1326 establishes a Prekindergarten Savings Account Program in Maryland, depositing state funds into accounts for eligible prekindergarten students to cover education costs. The state deposits 75% of per-pupil funding for families at or below 500% of the federal poverty level and 50% for higher-income families, based on the resident school district's funding. These funds can be used exclusively for prekindergarten education at qualifying nonpublic schools (excluding homeschools), and parents must agree to use the funds solely for the student, not enroll in public prekindergarten (except for contracted services), and return unused funds upon program completion.