Education Savings Accounts (SB 302)
Nevada State Treasurer's Office
Senate Bill 302 of the 2015 Legislative Session creates "Education Savings Accounts" for Nevada families.
- This legislation is not in effect until January 1, 2016.
- Funds are not yet available for the start of the upcoming school year.
- The State Treasurer's Office will adopt regulations to implement the program. Be on the lookout for posted dates of the meetings to write these regulations.
Key Provisions of SB 302:
This bill establishes a program by which a child enrolled in a private school may receive a grant of money in an amount equal to 90 percent, or, if the child is a pupil with a disability or has a household income that is less than 185 percent of the federally designated level signifying poverty, 100 percent, of the statewide average basic support per pupil. (NOTE: the average basic support is approximately $5700 per student.)
This bill authorizes the parent of a child who is required to attend school and who has attended a public school for 100 consecutive school days to enter into an agreement with the State Treasurer, according to which the child will receive instruction from certain entities and receive the grant.
Each agreement is valid for 1 school year but may be terminated early and may be renewed for any subsequent school year. Not entering into or renewing an agreement for any given school year does not preclude the parent from entering into or renewing an agreement for any subsequent year.
Money deposited in an education savings account must be used only to pay for:
Textbooks required for a child that who enrolls in a school that is a participating entity;
Tutoring or other teaching services provided by a tutor or tutoring facility that is a participating entity;
Tuition and fees for a program of distance education that is a participating entity;
Fees for any national norm-referenced achievement examination, advanced placement or similar examination or standardized examination required for admission to a college or university;
If the child is a pupil with a disability, as that term is defined in NRS 388.440, fees for any special instruction or special services provided to the child;
Tuition and fees at an eligible Institution that is a participating entity;
Textbooks required for the child at an eligible institution that is a participating entity or to receive instruction from any other participating entity;
Fees for the management of the education savings account, as described in section 10 of this act;
Transportation required for the child to travel to and from a participating entity or any combination of participating entities up to but not to exceed $750 per school year; or
Purchasing a curriculum or any supplemental materials required to administer the curriculum.