EDUCATION OPPORTUNITY ACCOUNT ACT

HB 387, the Education Opportunity Account Act, creates a state-funded program allowing New Mexico students (residents not yet holding a high school diploma) to use state deposits to cover private school tuition and qualifying education expenses. The state would deposit monthly funds into accounts based on average public school spending per grade (adjusted for special needs), covering costs like private school tuition, tutoring, textbooks, and standardized test fees. Parents must contract with the state annually for approved expenses, and unused funds revert to the general fund after two years unless waived for extenuating circumstances. The program does not require students to attend private schools but prohibits parents from adding personal funds to accounts or receiving refunds.