ACE Act
Latest action · Dec 14, 2023 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 14, 2023
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 5
Members who signed on, in the order they did. Signatures ran from Dec 14, 2023 to Jan 22, 2024, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-SC | Tim Scott | Original | Dec 14, 2023 |
| R-MS | Cindy Hyde-Smith | Jan 17, 2024 | |
| R-IN | Mike Braun | Jan 17, 2024 | |
| R-MO | Eric Schmitt | Jan 18, 2024 | |
| R-NC | Ted Budd | Jan 22, 2024 |
Actions 2
Everything that happened, newest first.
- Dec 14, 2023Introduced in Senate
- Dec 14, 2023Read twice and referred to the Committee on Finance.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 57 | Student Empowerment Act | Related bill | Jan 24, 2023 |
| HR 6050 | Student Empowerment Act | Related bill | Oct 25, 2023 |
| HR 6795 | ACE Act | Identical bill | Dec 14, 2023 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Dec 14, 2023Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
