The proposed bill aims to modify education policy in Minnesota in several key ways:

1. READ Act: It revises the Reading to Ensure Academic Development Act, emphasizing that public schools should focus on foundational literacy and reading proficiency at grade level. The bill mandates that the teaching materials and methods should be based entirely on scientifically proven approaches to reading.

2. Education Innovation: It introduces changes to the innovation zones within schools, aimed at fostering more innovative educational practices. It also restructures the process for approving PTECH (Pathways in Technology Early College High) programs.

3. Administrative Changes: The bill establishes a new Office of Achievement and Innovation within the Department of Education to oversee these initiatives.

4. Equity, Diversity, and Inclusion: There are modifications to how funds are appropriated for equity, diversity, and inclusion in education, ensuring these principles are more effectively integrated.

5. School Performance Reports: It requires the creation of a new system for reporting school performance, helping to provide clearer visibility into educational outcomes.

6. Flexibility for School Boards: It allows school boards some flexibility to opt out of complying with certain state laws or rules that were recently enacted, under specific conditions.

7. Financial Provisions: The bill permits certain fund transfers within the education sector for the fiscal years 2025 through 2029 to support these changes.

Overall, the bill proposes comprehensive changes to enhance educational standards, promote innovation, and improve management and reporting within the education system in Minnesota.