Bill > HR6795

This bill, the "Achieving Choice in Education Act" or "ACE Act," aims to provide incentives for education by amending the Internal Revenue Code. Key provisions include: 1. Expanding the definition of "qualified higher education expense" in 529 savings accounts to cover a range of elementary and secondary school expenses, including tuition, curriculum materials, tutoring, and educational therapies for students with disabilities, as well as expenses for homeschooling. 2. Increasing the annual limit on 529 plan distributions for elementary and secondary school expenses from $10,000 to $20,000. 3. Allowing an increased gift tax exclusion of up to $20,000 for contributions made to 529 plans. 4. Restricting tax-exempt bonds to be issued only by states that have implemented certain school choice programs, such as tax credit scholarships, vouchers, and education savings accounts, to encourage school choice policies. The bill is designed to provide more flexibility and financial support for parents and students to access a wider range of educational options, including private, religious, and homeschooling, in addition to public schools.

Budget and Finance

https://www.congress.gov/bill/118th-congress/house-bill/6795/all-info