Senate committee reviews House Bill 1540 to create educational savings accounts; sponsors propose $40M appropriation

The Appropriations — Education and Environment Division reviewed House Bill 1540, a proposal to establish state-funded educational savings accounts (ESAs) for students to use on approved educational expenses outside the public-school system. Sponsors and committee members spent significant time on fiscal assumptions, program mechanics and administration.

Senator Wolvenin (speaking as a sponsor) opened the discussion: "House Bill 15 40 is an educational savings account, bill to provide for the opportunity for, parents to be able to have the personal choice of what education system best suits their children and the educational savings account being that avenue whereby they can make use of that." He said the fiscal note attached to the bill called for a $40,000,000 appropriation for the first year; the bill…