SB 24-122

Senate Bill 24-122, also known as the Empowerment Scholarship Accounts program, provides financial assistance to help cover educational expenses for eligible students in Colorado. The state's Department of Education will work with a chosen entity to manage this fund, which gives parents access to an account containing up to 80% of the average per-student funding used by school districts. Parents can use these funds only for approved education-related costs as overseen by the managing entity. This bill has been signed into law and is now in effect, meaning eligible families can start applying for these scholarship accounts to help pay for their children's educational needs.

Official Summary

The bill creates the empowerment scholarship program (program) in the department of education (department). The purpose of the program is to meet the educational needs of every eligible student by assisting with certain education expenses. The bill requires: The department to contract with an entity that will administer the program (administering entity); The department to transfer to the administering entity an amount equal to 80% of the prior budget year's statewide average of district per pupil funding for an eligible student who receives a scholarship, except to prorate the amount based on the amount of time remaining in the budget year if the eligible student is found eligible after the beginning of the budget year; The parent of an eligible student to apply to the administering entity for an empowerment scholarship account (account); A parent of an eligible student to only spend money in the account on defined eligible expenses; and The administering entity to oversee the program and comply with an audit to ensure scholarship money is spent on defined eligible expenses.(Note: This summary applies to this bill as introduced.)