Education Savings Accounts for Military Families Act of 2023

Hozzl · 2023-12-15T16:05:25Z

Explore the details of Senate Bill 60 Education Savings Accounts for Military Families Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Education. Stay informed on legislative developments.

12/15/2023, 4:05 PM

Congressional Summary of S 60

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.

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Current Status of Bill S 60

Bill S 60 is currently in the status of Bill Introduced since January 24, 2023. Bill S 60 was introduced during Congress 118 and was introduced to the Senate on January 24, 2023. Bill S 60's most recent activity was Read twice and referred to the Committee on Finance. as of January 24, 2023

Bipartisan Support of Bill S 60

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 60

Primary Policy Focus

Education

Potential Impact Areas

- Bank accounts, deposits, capital

- Education programs funding

- Elementary and secondary education

- Income tax exclusion

- Military personnel and dependents

- Student aid and college costs

Alternate Title(s) of Bill S 60

Education Savings Accounts for Military Families Act of 2023

A bill to amend the Elementary and Secondary Education Act of 1965 to allow parents of eligible military dependent children to establish Military Education Savings Accounts, and for other purposes.