LOW-INCOME EDUCATION OPPORTUNITY ACCOUNT ACT

HB 388 creates a state-funded program providing financial accounts for low-income students in New Mexico to cover education expenses at private schools or approved services. Eligible students must be New Mexico residents, not yet graduated from high school, and have household income under 200% of the federal poverty level. The state deposits monthly funds into these accounts - equal to the average public school spending per grade - to pay for private school tuition, tutoring, textbooks, assessments, and transportation, but not exceeding actual costs. Unspent funds remain in the account until graduation, withdrawal, or after two years (with possible extensions), after which they revert to the state general fund.