S. 4726

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.