3.0.0 311 2025-12-05T21:32:58Z 2025-12-05T21:32:58Z Senate S S 2025-01-29 119 https://www.congress.gov/bill/119th-congress/senate-bill/311 ssfi00 Finance Committee Senate Standing Referred To 2025-01-29T20:29:23Z 119 939 HR 2025-02-04 Referred to the House Committee on Ways and Means. Related bill CRS 119 152 S 2025-01-20 Read twice and referred to the Committee on Finance. Related bill CRS 119 750 HR 2025-01-28 Referred to the House Committee on Ways and Means. Related bill CRS 2025-01-29 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2025-01-29 Introduced in Senate IntroReferral 10000 9 Library of Congress L000577 Sen. Lee, Mike [R-UT] Mike Lee R UT N B001305 Sen. Budd, Ted [R-NC] Ted Budd R NC 2025-01-29 True S001227 Sen. Schmitt, Eric [R-MO] Eric Schmitt R MO S. 2025-02-12 False Taxation Taxation 2025-04-28T21:51:24Z

00 2025-01-29 Introduced in Senate 2025-05-02T18:50:50Z <p><strong>Achieving Choice in Education Act or the ACE Act</strong></p><p>This bill expands the expenses that may be paid for with tax-free distributions from a qualified tuition program (known as a 529 plan) to include certain elementary, secondary, and homeschool education&nbsp;expenses and makes other changes related to 529 plans. The bill also limits the tax exclusion&nbsp;for interest on state or local bonds.</p><p>Under current law, 529 plan distributions are excluded from gross income if they are used to pay for qualified higher education expenses, which includes up to $10,000 (per year and per beneficiary) for tuition at an elementary or secondary public, private, or religious school.</p><p>The bill expands the expenses that may be paid for with tax-free 529 plan distributions to include homeschooling tuition and the following expenses related to elementary, secondary, and homeschool education:</p><ul><li>curriculum,</li><li>books,</li><li>instructional and online educational materials,</li><li>tutoring or educational classes outside the home,</li><li>testing fees,</li><li>fees for dual enrollment in a&nbsp;higher education institution, and</li><li>educational therapies for disabled&nbsp;students.</li></ul><p>The bill also increases the amount of tax-free 529 plan distributions that may be used to pay for elementary, secondary, and homeschool education expenses to $20,000.</p><p>The bill increases the annual gift tax exclusion by $20,000 for contributions made to a 529 plan. (Under current law, up to $19,000 may be excluded from taxable gifts in 2025.)</p><p>Finally, the bill limits the tax exclusion for interest on state or local bonds to bonds issued by&nbsp;states that meet minimum school choice requirements or political subdivisions of such states.</p>

Display Title 45 2025-03-05T05:08:24Z Short Title(s) as Introduced 101 2025-03-05T05:08:17Z Introduced in Senate IS Short Title(s) as Introduced 101 2025-03-05T05:08:17Z Introduced in Senate IS Official Title as Introduced 6 2025-03-05T05:03:49Z Introduced in Senate IS Introduced in Senate 2025-01-29T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119s311is/xml/BILLS-119s311is.xml 2025-01-29 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.