; and (ii) the number of eligible children within each local educational agency’s geographical area whose parents elect— (I) to send their child to a private school; or (II) to home-school their child. (B) State identification On an annual basis, on a date to be determined by the Secretary, each State educational agency shall inform the Secretary of the total number of children identified by all local educational agencies in the State under subparagraph (A). (2) Amount of payment (A) In general Subject to subparagraph (B), the amount of payment for each eligible child in a State shall be equal to— (i) the total amount allotted to the State under this title; divided by (ii) the total number of eligible children in the State identified under paragraph (1). (B) Limitations (i) In the case of a payment made to the parent of an eligible child who elects to attend a private school, the amount of the payment described in subparagraph (A) for each eligible child shall not exceed the cost for tuition, fees, and transportation for the eligible child to attend the private school. (ii) In the case of a payment made to a parent of an eligible child who elects to home-school such child, the amount of the payment described in subparagraph (A) for each eligible child shall not exceed the cost of home-schooling the child. (3) Allocation to local educational agencies Based on the identification of eligible children in paragraph (1), the State educational agency shall provide to a local educational agency an amount equal to the product of— (A) the amount available for each eligible child in the State, as determined in paragraph (2)