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119-hr-2097119th CongressWALLET

Education, Achievement, and Opportunity Act

Sponsored By: Representative Smith, Christopher H. [R-NJ-4]

Introduced

Summary

Would create a refundable, per-child tax credit for K–12 education expenses. The credit would cap benefits at $10,000 per qualifying child and include income-based phaseouts.

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  • Families and parents: The credit would refund eligible education expenses paid for each qualifying child, up to $10,000 per child per year. It would phase down by $50 for each $1,000 of modified adjusted gross income above $150,000 for joint filers and $75,000 for other filers.
  • Eligible costs and schools: The credit would cover tuition and required fees and up to $1,500 of specific non-tuition items like computers, educational software, tutoring, special needs services, school transportation fees charged by the school, and testing. It would exclude nonacademic fees such as student activities, athletics, insurance, school uniforms, and nonacademic after-school activities.
  • Administration and timing: The bill would add a new Section 36C to the Internal Revenue Code and make related technical edits. The credit would be reduced by any tax-free Coverdell savings distributions used for the same qualified elementary and secondary education expenses and would apply to taxable years beginning after enactment.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

New K-12 tax credit for families

This bill would create a refundable tax credit for K–12 education costs. You could claim up to $10,000 per child each year. Eligible costs include tuition and required fees, plus up to $1,500 for computers, required books, tutoring, special needs services, school‑run bus fees, and academic tests. Sports, uniforms, and other nonacademic fees would not count. Your total would be cut by any Coverdell account money you excluded from income. Then the credit would phase down by $50 for each $1,000 (or part) your modified AGI is over $150,000 if filing jointly, or $75,000 otherwise. You must have a qualifying child, and the school can be public, charter, private, parochial, or religious. This would apply to tax years that begin after enactment.

Sponsors & CoSponsors

Sponsor

Smith, Christopher H. [R-NJ-4]

NJ • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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