ACE Act
- Last Action
- 12/14/2023
Actions
- 2023-12-14Referred to the House Committee on Ways and Means.
- 2023-12-14Introduced in House
- 2023-12-14Introduced in House
CRS Summary
As of 2023-12-14 (00)
Achieving Choice in Education Act or the ACE Act
This bill modifies provisions of qualified tuition programs (i.e., 529 plans) and provides other tax incentives to promote education.
Specifically, the bill expands the definition of qualified higher education expense to include tuition, books or instructional material, fees, and educational therapies for disabled students. It also increases to $20,000 the limitation on distributions from 529 plans for elementary and secondary school expenses.
Further, the bill provides for an increased gift tax exclusion for contributions to 529 plans and limits tax-exempt bond financing to states that implement school choice laws.
Cosponsors (9)
- John Carter (R-TX)
- Doug LaMalfa (R-CA)
- Ralph Norman (R-SC)
- Randy Weber (R-TX)
- Tracey Mann (R-KS)
- Andy Harris (R-MD)
- William Timmons (R-SC)
- Mary Miller (R-IL)
- Debbie Lesko (R-AZ)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.