U.S. Chamber Supports Expansion of Education Savings Act

WASHINGTON, D.C.—The United States Chamber of Commerce today urged House members to support H.R. 7, the Education Savings and School Excellence Act of 2000, in a letter sent to Congress. The Chamber supports the key parts of the bill that would allow the expansion of education savings accounts, but opposes Democratic efforts to strip important provisions from the bill and insert misguided tax proposals.

The legislation would expand and improve education savings accounts (ESAs) by increasing the $500 annual limit on non-taxed contributions to an ESA to $2,000 and by giving parents the option to use funds from an ESA for educational expenses for children grades K-12, not just for college.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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