My local district has this in the form of charter schools. State funding goes to whichever school is attended, whether charter or public.
Starting at age 16, students can attend community college with the state funds, this applies to homeschoolers as well. I am a big fan.
But, the charter schools have a wait list that is seemingly years long. Public schools here are terrible. Ranked bottom 5% in the country. So we do a home school coop, until they can go to college.