Education Savings Accounts for Military Families Act of 2023

Hozzl · 2023-12-15T15:53:48Z

Explore the details of House Bill 452 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, 3:53 PM

Summary of Bill HR 452

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.

Congressional Summary of HR 452

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 HR 452

Bill HR 452 is currently in the status of Bill Introduced since January 24, 2023. Bill HR 452 was introduced during Congress 118 and was introduced to the House on January 24, 2023. Bill HR 452's most recent activity was Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of January 24, 2023

Bipartisan Support of Bill HR 452

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 HR 452

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 HR 452

Education Savings Accounts for Military Families Act of 2023

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.