||January 14, 2009|
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.
This legislation 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 S. 101, as it 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.
S. 83 is the essentially the same bill as S. 101, except that it will make this change permanent in law.
Introduced: 1/6/09: Introduced and referred to the Senate Committee on Finance
Sponsor: Senator David Vitter (LA)