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9/6/2002 12:46:42 PM
Tom Washburne, Executive Director of the National Center for Home Education
Action Alert Update on Education Savings Accounts Vote

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From the HSLDA E-lert Service...
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September 6, 2002

Dear HSLDA Members and Friends,

The U.S. House of Representatives considered the Education Savings
and School Excellence Performance Act of 2002 on Wednesday September
4, 2002. Included in this bill was a provision that would extend the
use of education savings accounts to homeschoolers. The bill
contained a number of other provisions, including making the
education savings accounts law permanent. Unfortunately, the bill
failed in the House of Representatives.

While the bill achieved a majority, 213 in favor to 188 opposed, it
needed a 2/3 super majority to pass under the procedure by which the
bill was brought to a vote. We will keep you informed if this bill
again comes for a vote. Thanks to all who called their Congressmen in
support of this bill. Click on the following link to see how your
congressman voted.

http://clerkweb.house.gov/cgi-bin/vote.exe?year=2002&rollnumber=371

BACKGROUND

Currently, some homeschoolers do not qualify for Educational Savings
Accounts. Home school students qualify only in states that define
homeschools as private schools. These states include: AL, CA, DE, IL,
IN, KS, KY, LA, MI, NC, NE, TN, and TX. Five other states CO, FL, ME,
VA, WV, and UT recognize groups of homeschoolers as private schools,
but individual home schools do not qualify.

How do these education savings accounts work?

An ESA is an account in which interest and capital accumulate tax
free for educational purposes. For example, upon the birth of their
first child, a family invests $2,000 in an ESA. They deposit $2,000
each year until the child reaches the age of six, at which time the
parents will have saved $12,000. If their money has been compounding
annually at 13% during that time, they will have earned $4,645.41 of
tax-free money toward their child's education expenses. A little math
demonstrates that the $4,645.41 in interest, divided by 12 years of
education, would give parents approximately $387.12 per year to spend
on their child's education.

Home school families would especially benefit from the fact that
anyone, not just parents, can contribute to a child's ESA. Friends
and relatives can give, as long as annual contributions do not exceed
$2,000. These new provisions are effective for tax years beginning
January 1, 2002.

Very truly yours,

Thomas Washburne
Director of the National Center for Home Education


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