What is the official ID of this bill?
The official print number for this legislation is S 1244.
Military Education Savings Accounts: $6,000 Annually for Dependent Children's Education.
This Act establishes government-funded Military Education Savings Accounts (MESAs) providing $6,000 annually (adjusted for inflation) for children of active-duty military personnel. These funds offer military families significant financial flexibility to cover diverse educational costs, including private school tuition, tutoring, and specialized therapies, provided the child is not enrolled full-time in a public school. The deposits and qualified withdrawals are exempt from federal income tax.
Key points
Financial aid for military families: $6,000 deposited annually per eligible child for educational expenses, adjusted yearly for inflation.
Broad educational choice: Funds cover private school tuition, homeschooling materials, tutoring, therapies, college costs, and vocational training.
Tax benefits: Both the government contributions to the MESA and qualified distributions are exempt from federal income tax.
Enrollment requirement: Participation requires the child not to be enrolled in a public elementary or secondary school on a full-time basis.
Status:
Introduced
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