Federal Legislation
July 28, 2008

S. 3243 and S. 3244—Education Savings for All Act

Action Requested:
No action is requested at this time. HSLDA will continue to monitor this bill and will send out an action e-lert if the bill comes up for a hearing.

Background:
The Education Savings for All Act would amend the Internal Revenue Code of 1986 to include homeschool expenses in Coverdell Education Savings Accounts.

Background:
The Education Savings for All Act would amend the Internal Revenue Code of 1986 to include homeschool expenses in Coverdell Education Savings Accounts.

A Coverdell Education Savings Account is an investment tool for parents seeking to save money for their children’s education related expenses, such as tuition, books, and supplies. This type of account is advantageous because its interest and distributions (withdrawals) are tax-free. While public and private school families have the opportunity to invest in a Coverdell Education Savings Account, homeschool families cannot, unless they live in one of the few states that define a homeschool as a private school. Therefore, HSLDA endorses the Education Savings for All Act that would remedy this inequity and open Coverdell accounts to homeschool families. While homeschool parents seek freedom from government interference, they also should not be discriminated against for choosing to educate their children at home.

Introduced: 7/10/08: Introduced in the Senate by Senator Vitter

Status:

7/10/2008Referred to the Senate Committee on Finance

Sponsor: Senator David Vitter (LA)

Cosponsors: Senator Jim DeMint (SC)

Bill Summary and Status: http://thomas.loc.gov/cgi-bin/bdquery/z?d110:s.03243:

HSLDA's Position:
Support.