# Plain Language Summary: Education, Achievement, and Opportunity Act

This bill creates a new tax credit that gives families money back on their taxes for education expenses. Here's how it works: if you have children in elementary or secondary school (kindergarten through 12th grade), you can claim up to $10,000 per child per year in qualified education expenses on your tax return. This is a "refundable" credit, which means you can get money back even if you don't owe taxes—it's not just a reduction of what you already owe. The credit applies whether your children attend public schools, charter schools, private schools, or religious schools.

The bill covers tuition and fees, plus up to $1,500 in additional education-related costs like computers and educational software, tutoring, special needs services, school transportation fees, and academic testing. It doesn't cover things like school uniforms, athletics fees, insurance, or after-school activities that aren't academic. If you've already used a Coverdell Education Savings Account (a special education savings plan), you have to subtract those withdrawals from the credit amount so you don't double-benefit.

The credit starts to phase out for higher-income families. If you're married filing jointly and earn more than $150,000, the credit decreases by $50 for every $1,000 (or part of $1,000) you earn above that threshold. For single filers, the threshold is $75,000. This means wealthier families get smaller credits or no credit at all. The bill would take effect for tax years after it becomes law, assuming it passes both chambers of Congress and is signed by the president.

Education, Achievement, and Opportunity Act

Smith, Christopher H.

Education, Achievement, and Opportunity Act This bill allows a new refundable tax credit for the qualified education expenses of a taxpayer's child, up to $10,000 for each child. These expenses include tuition and fees for attendance at a public or private elementary or secondary school, and up to $1,500 of expenses for computers and educational software, tutoring, special needs services, transportation services, and academic testing services.