,,ii  #aai? ,,congress  #a/ ,session    
,s4 #caa  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,janu>y #bi1 #bjbe,mr4 
,lee 7= himself & ,mr4 ,budd7 introduc$ 
! foll[+ bill2 :i* 0 read twice & ref]r$
 to ! ,committee on ,f9ance  ,a ,,bill  
,to am5d ! ,int]nal ,rev5ue ,code (     
#aihf to provide inc5tives = education4 
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,a*iev+ ,*oice 9 ,education ,act or ! 
,,ace ,act4  #b4 #ebi acc\nt fund+ =    
homes*ool & additional elem5t>y &       
second>y exp5ses  7a7 ,9 g5]al ,section 
#ebi7;c77#g7 ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$ to read z foll[s3  7#g7
 ,treatm5t ( elem5t>y & second>y tuition
 ,any ref]5ce 9 ?is section to ! t]m    
qualifi$ high] education exp5se %all    
include a ref]5ce to ! foll[+ exp5ses 9 
connection ) enrollm5t or att5dance at1 
or = /ud5ts enroll$ at or att5d+1 an    
elem5t>y or second>y public1 private1 or
 religi\s s*ool3 7,a7 ,tuition4  7,b7   
,curriculum & curricul> mat]ials4  7,c7 
,books or o!r in/ructional mat]ials4    

7,d7 ,onl9e educational mat]ials4  7,e7 
,tuition = tutor+ or educational classes
 outside ( ! home1 includ+ at a tutor+  
facility1 b only if ! tutor or in/ructor
 is n relat$ to ! /ud5t &-- 7i7 is      
lic5s$ z a tea*] 9 any ,/ate1  7ii7 has 
taught at an eligible educational       
in/itution1 or  7iii7 is a subject matt]
 exp]t 9 ! relevant subject4  7,f7 ,fees
 = a nationally /&>diz$ norm-ref]5c$    
a*ievem5t te/1 an advanc$ placem5t      
exam9ation1 or any exam9ations relat$ to
 college or univ]sity admission4  7,g7  
,fees = dual enrollm5t 9 an in/itution (
 high] education4  7,h7 ,educational    
!rapies = /ud5ts ) disabilities provid$ 
by a lic5s$ or accr$it$ practition] or  
provid]1 includ+ occupational1          
behavioral1 physical1 & spee*-language  
!rapies4  ,su* t]m %all include exp5ses 
= ! purposes describ$ 9 subp>agraphs    
7,a7 ?r\gh 7,h7 9 connection ) a        
homes*ool 7:e!r treat$ z a homes*ool or 
a private s*ool = purposes ( applicable 
,/ate law74  4  7b7 ,effective date ,!  

am5dm5t made by ?is section %all apply  
to di/ributions made aft] ! date ( !    
enactm5t ( ?is ,act4  #c4 ,increase 9   
limitation on di/ributions f #ebi plans 
= elem5t>y & second>y s*ool exp5ses  7a7
 ,9 g5]al ,section #ebi7;e77#c77;,a7 ( !
 ,int]nal ,rev5ue ,code ( #aihf is am5d$
 by /rik+ #aj1jjj 9 ! flu% matt] at !   
end & ins]t+ #bj1jjj4  7b7 ,effective   
date ,! am5dm5t made by ?is section %all
 apply to taxable ye>s beg9n+ aft]      
,decemb] #ca1 #bjbf4  #d4 ,gift tax     
exclusions  7a7 ,gift tax exclusion =   
contributions to #ebi plans ,section    
#bejc7;b7 ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by add+ at ! end ! foll[+
 new p>agraph3  7#c7 ,exclusion =       
contributions to #ebi plans ,! doll>    
am\nt 9 effect "u p>agraph 7#a7 )       
respect to gifts 7to :i* su* p>agraph   
applies7 made to any p]son dur+ any     
cal5d> ye> %all be increas$ 7n 9 excess 
( #bj1jjj7 by ! am\nt ( su* gifts made  
dur+ su* cal5d> ye> to qualifi$ tuition 
programs 7z def9$ 9 section #ebi7 )     

respect to :i* su* p]son is ! designat$ 
b5efici>y4  4  7b7 ,effective date ,!   
am5dm5ts made by ?is section %all apply 
to gifts made aft] ,decemb] #ca1 #bjbf4 
#e4 ,tax-exempt bonds re/rict$ to ,/ates
 t implem5t s*ool *oice laws  7a7 ,9    
g5]al ,section #ajc ( ! ,int]nal ,rev5ue
 ,code ( #aihf is am5d$ by add+ at ! end
 ! foll[+ new subsection3  7d7          
,re/riction to ,/ates t implem5t s*ool  
*oice laws  7#a7 ,9 g5]al ,subsection   
7a7 %all n apply to any ,/ate or local  
bond unless su* bond is issu$ by a      
m9imum s*ool *oice ,/ate or a political 
subdivision ( su* a ,/ate4  7#b7 ,p>tial
 exclusion ) respect to c]ta9 ,/ates    
7,a7 ,9 g5]al ,9 ! case ( any ,/ate or  
local bond issu$ by a m9imum s*ool *oice
 ,/ate :i* does n meet ! requirem5ts (  
subp>agraph 7,b7 7or issu$ by any       
political subdivision ( su* a ,/ate71   
subsection 7a7 %all be appli$ by        
sub/itut+ #ej p]c5t ( ! int]e/ = int]e/4
  7,b7 ,requirem5ts ,a m9imum s*ool     
*oice ,/ate meets ! requirem5ts ( ?is   

subp>agraph if ! ,secret>y det]m9es t-- 
7i7 at lea/ #fe p]c5t ( ! specifi$ s*ool
 age *ildr5 are eligible = "o or m ( su*
 ,/ate's s*ool *oice programs1 &  7ii7 !
 av]age am\nt sp5t by su* ,/ate on !    
education ( ea* specifi$ s*ool age *ild 
eligible = "o or m ( su* ,/ate's s*ool  
*oice programs is at lea/ #ge p]c5t ( ! 
av]age am\nt sp5t by su* ,/ate on !     
education ( ea* specifi$ s*ool age *ild 
n eligible = "o or m ( su* programs4    
7#c7 ,m9imum s*ool *oice ,/ate ,=       
purposes ( ?is subsection1 ! t]m m9imum 
s*ool *oice ,/ate means any ,/ate if !  
,secret>y det]m9es t-- 7,a7 su* ,/ate   
has enact$ "o or m s*ool *oice programs1
  7,b7 at lea/ #dj p]c5t ( ! specifi$   
s*ool age *ildr5 are eligible = "o or m 
( su* ,/ate's s*ool *oice programs1 &   
7,c7 ! av]age am\nt sp5t by su* ,/ate on
 ! education ( ea* specifi$ s*ool age   
*ild eligible = "o or m ( su* ,/ate's   
s*ool *oice programs is at lea/ #fj     
p]c5t ( ! av]age am\nt sp5t by su* ,/ate
 on ! education ( ea* specifi$ s*ool age

 *ild n eligible = "o or m ( su*        
programs4  7#d7 ,s*ool *oice programs ,=
 purposes ( ?is subsection1 ! t]m s*ool 
*oice program means1 ) respect to any   
,/ate1 ea* ( ! foll[+ ) respect to      
elem5t>y & second>y education 9 su*     
,/ate3 7,a7 ,tax cr$it s*ol>%ip         
programs4  7,b7 ,v\*] programs4  7,c7   
,education sav+s acc\nt program4  7,d7  
,refundable tax cr$it = private         
education exp5ses4  7#e7 ,specifi$ s*ool
 age *ild ,= purposes ( ?is subsection1 
! t]m specifi$ s*ool age *ild means1 )  
respect to any ,/ate1 any individual    
resid+ 9 su* ,/ate :o has n atta9$ age  
#ah4  4  7b7 ,effective date ,! am5dm5t 
made by ?is section %all apply to bonds 
issu$ aft] ! date ( ! enactm5t ( ?is    
,act4