S 3520
118th Congress
Senate
Taxation
ACE Act
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
Plain-English summary
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
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1