EDUCATION OPPORTUNITY ACCOUNT ACT

HB 240 creates the Education Opportunity Account Act, allowing eligible New Mexico students (residents without a high school diploma or equivalent) to access state-funded accounts for education expenses. The program deposits state funds - calculated based on average public school spending per grade, adjusted for special needs - into accounts managed by the state education department. Parents can use these funds for approved costs at qualifying private schools (not online schools), tutoring, textbooks, assessments, and transportation, but funds cannot be refunded to families and unspent balances revert to the state treasury after two years or upon graduation. The bill specifies strict usage rules, prohibits personal deposits into accounts, and requires annual contracts detailing approved expenses.