The ACE Act amends the Internal Revenue Code to incentivize education by expanding tax benefits for school choice programs and 529 plans.
The Achieving Choice in Education Act (ACE Act) amends the Internal Revenue Code to provide incentives for education. It expands the definition of qualified higher education expenses to include elementary and secondary school tuition, curriculum, books, and online materials. The act also increases the annual exclusion for gifts to 529 plans from $10,000 to $20,000 for elementary and secondary school expenses. Additionally, it introduces tax-exempt bonds for states implementing school choice laws, provided at least 40% of school-age children are eligible for these programs.
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