Education Savings Accounts for Military Families Act of 2021
- Last Action
- 6/22/2021
Actions
- 2021-06-22Read twice and referred to the Committee on Finance.
- 2021-06-22Introduced in Senate
CRS Summary
As of 2021-06-22 (00)
Education Savings Accounts for Military Families Act of 2021
This bill directs the Department of Education (ED) to establish a program to provide children with parents on active duty in the uniformed services with funds to pay educational expenses.
Specifically, ED must establish a tax-exempt Military Education Savings Account for dependent children of parents in the uniformed services for the payment of the children's educational expenses. Funds in the savings account may be used for specified purposes, including the cost of attendance at a private elementary or secondary school or institution of higher education, private tutoring, or costs associated with an apprenticeship or other vocational training program.
Cosponsors (4)
- Mike Braun (R-IN)
- Tom Cotton (R-AR)
- Ted Cruz (R-TX)
- Tim Scott (R-SC)
Subjects
- Bank accounts, deposits, capital
- Education programs funding
- Elementary and secondary education
- Income tax exclusion
- Military personnel and dependents
- Student aid and college costs
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.