What is the official ID of this bill?
The official print number for this legislation is S 60.
Military Education Savings Accounts: $6,000 Annual Benefit for Active Duty Families
This bill establishes Military Education Savings Accounts (MESAs), providing active duty military families with $6,000 annually per eligible child for educational expenses. These funds are tax-exempt and offer families flexibility to cover costs ranging from private school tuition and tutoring to vocational training and college savings contributions. The goal is to empower military parents with greater choice in their children's education, addressing the challenges posed by frequent relocations.
Key points
Active duty military families receive $6,000 per year per child (adjusted for inflation) to spend on diverse educational services outside of full-time public schooling.
Both deposits into and distributions from these accounts for qualified expenses are exempt from federal income tax.
Funds can be used for private school tuition, online programs, textbooks, educational therapies, and contributions to college savings plans (529 plans).
If funding is limited, priority for new accounts is given to siblings and children of enlisted members over commissioned officers.
Status:
Expired
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