Search Results: keywords:"529 savings plans"

  • H. R. 6795 — To amend the Internal Revenue Code of 1986 to provide incentives for education.
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    Status:Introduced in House
    Words:1,320

    H. R. 6795, known as the “Achieving Choice in Education Act” or “ACE Act,” aims to amend tax laws to support education. It proposes allowing more flexible use of 529 savings plans for homeschooling and various elementary and secondary school expenses, raising the withdrawal...

    Simple Explanation

    The ACE Act is like giving families a bigger piggy bank that they can use to pay for more types of school stuff, like books or homeschooling, and it lets them put more money into it without worrying about some taxes, but some people think this helps rich families more.

  • S. 311 — To amend the Internal Revenue Code of 1986 to provide incentives for education.
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    Status:Introduced in Senate
    Words:1,322

    The Achieving Choice in Education Act aims to modify the Internal Revenue Code to provide more educational funding options and incentives. It allows expenses for homeschooling and other school-related costs to qualify as "higher education expenses" under 529 savings plans....

    Simple Explanation

    The Achieving Choice in Education Act wants to help people pay for schooling in new ways by making it easier to use special savings for school costs. It also tries to encourage states to give more choices for schools by using special rules for money.