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Education Savings Accounts for Military Families Act

This act establishes special education savings accounts for eligible children of active-duty military personnel. Parents can use these funds for various educational expenses, from private schools to extracurricular activities. These funds are tax-exempt, and the program includes a lottery system for funding distribution if appropriations are insufficient.
Key points
Establishes Military Education Savings Accounts for eligible children of active-duty military dependents.
Parents can use funds for a wide range of expenses, including private schools, tutoring, online programs, and higher education.
Accounts are tax-exempt, and contributions and distributions are not included in gross income.
In case of insufficient funds, priority is given to: renewing accounts, siblings of account holders, children of enlisted members, and then children of warrant officers.
The initial deposit amount is $6,000 per year, with annual adjustments based on the Chained Consumer Price Index.
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Additional Information
Print number: 117_HR_499
Sponsor: Rep. Banks, Jim [R-IN-3]
Process start date: 2021-01-28
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Education Savings Accounts for Military Families Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_499.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-01-28.

What are the main provisions?

Key points include:

  • Establishes Military Education Savings Accounts for eligible children of active-duty military dependents.
  • Parents can use funds for a wide range of expenses, including private schools, tutoring, online programs, and higher education.
  • Accounts are tax-exempt, and contributions and distributions are not included in gross income.
  • In case of insufficient funds, priority is given to: renewing accounts, siblings of account holders, children of enlisted members, and then children of warrant officers.
  • The initial deposit amount is $6,000 per year, with annual adjustments based on the Chained Consumer Price Index.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Banks, Jim [R-IN-3].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Worker and Family Support.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Education Family Benefits