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529 Account Expansion: Funding K-12 Education and Homeschooling Expenses

This new act allows funds from 529 savings accounts to cover a wide range of expenses for kindergarten through 12th grade education, including public, private, religious, and homeschool settings. This provides families with greater flexibility in financing their children's education, potentially reducing financial burdens related to tuition, educational materials, and tutoring.
Key points
529 account funds can now be used for tuition, curriculum, and instructional materials for K-12 students.
The act includes expenses for homeschooling, such as curriculum and tutoring, under specific conditions.
Standardized tests, AP exams, dual enrollment in higher education, and educational therapies for students with disabilities are now covered.
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Additional Information
Student Empowerment Act
Print number: HR 6050
Sponsor: Rep. Hern, Kevin [R-OK-1]
Process start date: 2023-10-25