Education Savings Accounts for Military Families Act of 2023

Education Savings Accounts for Military Families Act of 2023

This bill directs the Department of Education (ED) to establish a program to provide children with parents on active duty in the uniformed services with funds to pay educational expenses.

Specifically, ED must establish a tax-exempt Military Education Savings Account for dependent children of parents in the uniformed services for the payment of the children's educational expenses. Funds in the savings account may be used for specified purposes, including the cost of attendance at a private elementary or secondary school or institution of higher education, private tutoring, or costs associated with an apprenticeship or other vocational training program.

Bill 118 HR 452, also known as the Education Savings Accounts for Military Families Act of 2023, aims to provide financial assistance to military families for educational expenses. The bill proposes the establishment of Education Savings Accounts (ESAs) for children of active duty military members, allowing families to save and invest money for their children's education.

Under the provisions of the bill, eligible military families would receive a tax-free ESA that can be used for a variety of educational expenses, including tuition, books, supplies, and educational services. The funds in the ESA would be able to roll over from year to year, providing families with flexibility in planning for their children's education.

The bill also includes provisions for the transferability of ESAs, allowing military families to transfer funds to other eligible family members if the child does not use all of the funds in the account. Additionally, the bill includes safeguards to prevent misuse of funds and ensure that the funds are used for educational purposes. Overall, the Education Savings Accounts for Military Families Act of 2023 aims to provide financial support to military families and help alleviate the financial burden of education expenses. The bill is currently under consideration in Congress and has garnered bipartisan support for its efforts to support military families.