Republican Sen. Ted Cruz introduced legislation on Thursday that would expand school choice and access to tax-free savings plans.
The Student Empowerment Act further broadens 529 accounts, also known as college savings plans, to include “K-12 elementary and secondary school expenses for public, private, and religious schools, including homeschool students.” These expenses can include things such as tutoring costs, books, fees associated with standardized tests, and educational therapies for students with disabilities.
Homeschool families were cynically excluded by Senate Democrats from the Student Opportunity Amendment, leaving homeschoolers ineligible to utilize the expanded usage of 529 savings accounts. #EmpowerOurStudents –> https://t.co/IT9XhVDLDu pic.twitter.com/ZWgpHnoHFg
— Senator Ted Cruz (@SenTedCruz) June 21, 2018
The bill amends the Student Opportunity Amendment, which was signed into law in December 2017 as part of the Tax Cuts and Jobs Act, and expanded 529 accounts to include tuition for the aforementioned institutions.
A 529 account is a versatile tax-free savings plan sponsored by the federal government, states, state agencies, or other educational institutions designed to incentivize savings for forthcoming education costs.
“By investing in the next generation of students and expanding school choice, we’re able to allow more students to have access to an education that truly fits their child’s needs, and to escape the one-size-fits-all approach to education. #EmpowerOurStudents,” Cruz tweeted on the issue.
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