EDUCATION FREEDOM ACCOUNT ACT

SB 286 creates the "Education Freedom Account Act," which establishes state-funded accounts for low-income New Mexico students (eligible if family income is at or below 200% of the federal poverty level and without a high school diploma). The program deposits funds equal to average public school spending per student (adjusted for special needs) into accounts, allowing parents to cover qualifying expenses like private school tuition, tutoring, textbooks, and approved educational services at non-online private schools. Funds must be used exclusively for these approved expenses through annual contracts, cannot be refunded to parents, and unused balances revert to the state general fund after two years. The bill explicitly excludes online schools from being eligible education service providers.