DES MOINES, Iowa — Iowa Governor Kim Reynolds’ staff Thursday afternoon released cost estimates of $918 million over four years for her education savings accounts that would go to families of private school students. Reynolds originally announced her plan during the annual Condition of the State Address on Tuesday. The plan would divert millions of dollars a year away from public schools if students transfer to private schools.

See her proposal budget for the 2024 fiscal year here.

Her proposal would also provide $7,598 a year to families for each student in private school. The public school in that child’s home district would receive $1,205 annually, rather than the full appropriation ($8,803).

The first two years of the plan include income limits. Families can make up to 300% of the federal poverty level in the first year and up to 400% of that level during the second year. After that, there are no income limits and any Iowa family with a child in private school would be eligible for the state taxpayer-backed education savings account.

Here are current federal poverty level guidelines.

Here is the cost breakdown provided by the governor’s staff:

  • Year 1: $106.9 million
  • Year 2: $156,245,940
  • Year 3: $313,876,118
  • Year 4: $341,128,162
  • Total over four years: $918,150,220

The three Republicans on the senate education subcommittee, before a packed room, supported the legislation Thursday afternoon. It now moves forward to the full committee.

Lawmakers will also hold a public hearing in the Old Supreme Court chambers at the Statehouse Tuesday at 5 p.m.