Education Savings Accounts for eligible families who choose to opt out of public schools.
The accounts would be for educational expenses, such as private-school tuition, tutoring, textbooks, curriculum materials (in the case of homeschooling), online learning programs, exam fees for standardized tests, educational therapies for disabled students, and/or college tuition and expenses.
The accounts would be funded by voluntary donations from oil and mineral companies, in exchange for dollar-for-dollar tax credits against their severance taxes.
A private Account-Granting Organization (A-GO) would be responsible for the administration of this program. The A-GO would solicit and receive the donations, as well as select eligible families for the accounts
Each student account would receive annual contributions of up to 50% of what the state would have spent educating that child in the public school system, resulting in a savings for the state for each participating student.
Amounts not spent in any year would roll over to the following year, allowing families to save for college tuition and expenses, trade school, etc. Any amount remaining in the account by the time the students turns age 22 or has graduated from college would revert to the A-GO
The program would be capped at $5 million for first year with annual incremental increases every year the program is a success.