||March 11, 2013|
S. 86—To amend the Internal Revenue Code of 1986 to allow the Coverdell education savings accounts to allow homeschool education expenses
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.
S. 86 would open Coverdell Education Savings Accounts to homeschool families.
|3/11/2013||Referred to Senate Finance Committee|
Sponsor: Senator David Vitter (LA)
This legislation would amend the Internal Revenue Code of 1986 to include homeschool expenses in Coverdell Education Savings Accounts (ESA).
A Coverdell ESA 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.
The Coverdell ESA can be used to pay for a child’s eligible education expenses. Currently, eligible expenses only include public and private school expenses. This means that only homeschool students in states which define a homeschool a private school can use the Coverdell ESA for educational expenses.
S. 86 would open Coverdell ESA accounts to homeschool families by including homeschool expenses as an eligible educational expense.
| Other Resources|