Senate Bill 4726
117th Congress(2021-2022)
Catch Up Our Kids Act of 2022
Introduced
Introduced in Senate on Aug 2, 2022
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
4726
Congress
117
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No Senate votes have been held for this bill.
Summary
Catch Up Our Kids Act of 2022
This bill provides tax benefits to compensate for learning losses due to school closures during the COVID-19 pandemic. The bill
- creates a new three-year learning loss tax credit of $1,200 per child that will allow parents or legal guardians to recoup actual expenses incurred for education-related activities,
- extends the employer allowance for certain tuition and education-related expenses to include educational expenses for children of employees,
- expands education savings accounts (ESAs) to include homeschool expenses for a three-year period,
- doubles the annual contribution limit for Coverdell ESAs from $2,000 to $4,000 for a three-year period,
- Exempts contributions to an ESA and a Coverdell ESA from the annual gift tax exclusion amount, and
- allows states to use unspent Elementary and Secondary School Emergency Relief (ESSER) funds to fund scholarship granting organizations.
August 2, 2022
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08/02/2022
Read twice and referred to the Committee on Finance.
08/02/2022
Introduced in Senate
Public Record
Record Updated
Mar 8, 2023 8:12:35 PM