S 3520 118th Congress Senate Taxation

ACE Act

Introduced: December 14, 2023 Introduced by: Lee, Mike Republican · Utah See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Dec 14, 2023

Read twice and referred to the Committee on Finance.

Dec 14, 2023

Introduced in Senate

Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

Plain-English summary Congressional Research Service

Achieving Choice in Education Act or the ACE Act

This bill modifies provisions of qualified tuition programs (i.e., 529 plans) and provides other tax incentives to promote education.

Specifically, the bill expands the definition of qualified higher education expense to include tuition, books or instructional material, fees, and educational therapies for disabled students. It also increases to $20,000 the limitation on distributions from 529 plans for elementary and secondary school expenses.

Further, the bill provides for an increased gift tax exclusion for contributions to 529 plans and limits tax-exempt bond financing to states that implement school choice laws.

What's happening now December 14, 2023

Read twice and referred to the Committee on Finance.

Related & companion bills 3