-Prohibits for-profit businesses or corporate entities from submitting an application to establish a charter school (Sec. 1).
-Establishes that the means by which the charter school will meet or exceed enrollment and retention targets shall be considered by the charter entity prior to approving such charter school's application for renewal (Sec. 6).
-Requires that the enrollment and retention targets be comparable to the enrollment figures of students attending the public schools within the school district (Sec. 6).
-Increases the number of charter schools permitted from 200 to 460 (Sec. 11).
-Authorizes the Board of Regents to issue 260 charters pursuant to a competitive request for proposals process (Sec. 12).
-Requires the Board of Regents to determine whether or not to issue a charter no later than December 31 of each year (Sec. 12).
-Requires the chancellor to authorize in writing any proposed capital improvements of facility upgrades to charter schools in excess of $5,000 for schools located in city school districts of cities with more than one million inhabitants (Sec. 16).
-Specifies that, in cases where charter schools are located in the same building as non-charter public schools, any capital improvements made to the charter school in excess of $5,000 must be matched to provide improvements to the traditional public school portion of a building (Sec. 16).