Provides that after formal approval by the legislature of the score required for this purpose, a student's score on the mathematics portion of the preliminary scholastic assessment test (PSAT), the scholastic assessment test (SAT), the American college test (ACT), or the ACT programs PLAN or WorkKeys may be used as an objective alternative assessment under this act for demonstrating that a student has met the mathematics standards for the certificate of academic achievement. The state board of education shall identify the scores students must achieve on the mathematics portion of the PSAT, SAT, ACT, or ACT programs PLAN or WorkKeys to meet the state standard for mathematics and shall submit the proposed scores, along with any subsequent revisions, to the legislature for formal approval through enacted legislation or concurrent resolution. Subject to the availability of funds appropriated for this purpose, school districts shall reimburse students for the cost of taking the tests in this act when the students take the tests for the purpose of using the mathematics results as an objective alternative assessment.