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Standard Summary
Comprehensive overview in 1-2 paragraphs
The House version of the ACE Act expands 529 plan usage for K-12 education expenses and increases gift tax exclusions for education savings.
Key Points
- 1Allows 529 plan distributions for K-12 tuition and educational expenses
- 2Increases annual distribution limit from $10,000 to $20,000
- 3Provides gift tax exclusion up to $20,000 for 529 contributions
- 4Restricts tax-exempt bonds to states with school choice programs
- 5Defines eligible school choice programs and coverage requirements
- 6Sets minimum thresholds for state program eligibility
Impact Areas
529 college savings plansK-12 education fundingPrivate and religious schoolsHomeschoolingState education policyMunicipal finance
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