HB 986 establishes a budget savings program administered by the Texas Comptroller of Public Accounts. This program allows qualifying taxpayers to designate portions of their school district maintenance and operations property taxes as grants to cover tuition for eligible students attending qualifying schools, including accredited private schools and certain public schools charging transfer tuition. The program includes strict eligibility requirements for students, phased implementation until 2039, and rules for preventing fraud, abuse, and dual counting of students. The legislation creates a "Budget Savings Account" within the foundation school fund to administer grants and outlines conditions for maintaining and utilizing savings to the state. Administrative costs are capped at 2% of the reimbursement amounts. The act also provides mechanisms for accelerated judicial review of constitutional challenges related to the program. The law is scheduled to take effect on September 1, 2025​.