Under Garrett's bill, H.R. 3176, states would be free to decide that the requirements of NCLB are "not worth the amount of federal education aid it receives from the Department of Education." In these cases, the government would give residents of that state a tax credit as a way of reimbursing those residents by the amount the state would have received under NCLB.

Garrett said giving states total control is a far better way to boost education results in the states.

"If we are truly interested in transforming our public education system, we need to remove Washington bureaucrats from the equation and return control and accountability to local communities where they can truly effect change in the areas they know it is needed most," he said.

In an op-ed for The Hill, Garrett said his proposal is also better than a September proposal from the Obama administration. The administration said that states should be able to opt out of the law, but "only after agreeing to embrace Obama's education agenda."

On Sept. 23, the Department of Education released a statement saying the administration would set a "high bar" for flexibility from NCLB. Specifically, the department said states could opt out only after showing that they are moving toward setting "college- and career-ready standards," developing systems of "differentiated recognition, accountability, and support," and "evaluating teacher and principal effectiveness."

Rep. Ron Paul (R-Texas), a candidate for the GOP presidential nomination, is one of the 17 co-sponsors to the bill.