S 311
ACE Act
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- Passed Senate
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Bill overview
The Achieving Choice in Education Act (ACE Act) expands the use of tax-free savings accounts called 529 plans to cover more educational expenses. It allows distributions to be used for homeschooling, curriculum materials, tutoring, and certain fees, increasing the maximum amount that can be used for these expenses to $20,000. The bill also increases the annual gift tax exclusion for contributions to 529 plans and limits the tax exclusion for interest on state and local bonds to those issued by states that meet specific school choice requirements.
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