SENATE 3520118th CongressRead twice and referred to the Committee on Finance.

ACE Act

Last Action: 12/14/2023

Actions

2023-12-14Read twice and referred to the Committee on Finance.
2023-12-14Introduced in Senate

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 (5)

Tim Scott (R-SC)
Mike Braun (R-IN)
Cindy Hyde-Smith (R-MS)
Eric Schmitt (R-MO)
Ted Budd (R-NC)

Read on Congress.gov

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