What is the official ID of this bill?
The official print number for this legislation is S 2165.
Education Savings Accounts for Military Families
This act establishes special education savings accounts for children of military families. Parents can use these funds for various educational expenses, such as private schools, tutoring, or learning materials, giving them greater flexibility in choosing their children's educational path. The goal is to support the education of children of active-duty service members.
Key points
Establishes Military Education Savings Accounts for children of active-duty service members.
Parents can use funds for a wide range of educational expenses, including private schools, online programs, tutoring, educational materials, and extracurricular activities.
Initial deposit amount is $6,000 per child annually, with potential for increase in subsequent years.
Accounts are tax-exempt, and contributions and distributions are not included in gross income.
Introduces a priority system for funding in case of insufficient funds, favoring siblings and children of enlisted members.
Allows parents to choose a transfer schedule for funds and requires expense reporting.
Status:
Expired
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