Catch Up Our Kids Act of 2022

Catch Up Our Kids Act of 2022

This bill provides tax benefits to compensate for learning losses due to school closures during the COVID-19 pandemic. The bill

• creates a new three-year learning loss tax credit of $1,200 per child that will allow parents or legal guardians to recoup actual expenses incurred for education-related activities,
• extends the employer allowance for certain tuition and education-related expenses to include educational expenses for children of employees,
• expands education savings accounts (ESAs) to include homeschool expenses for a three-year period,
• doubles the annual contribution limit for Coverdell ESAs from $2,000 to $4,000 for a three-year period,
• Exempts contributions to an ESA and a Coverdell ESA from the annual gift tax exclusion amount, and
• allows states to use unspent Elementary and Secondary School Emergency Relief (ESSER) funds to fund scholarship granting organizations.