A bill to amend the Internal Revenue Code of 1986 to provide incentives for education.
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.
Referred to the House Committee on Ways and Means.
Referred to the House Committee on Ways and Means.
Read twice and referred to the Committee on Finance.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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