Education Savings Account Act

[AI summary unavailable — showing source text] Education Savings Account Act - Amends the Internal Revenue Code to allow an income tax deduction from gross income for contributions of cash, stocks, bonds, or other securities to a savings account for the purpose of paying the educational expenses of the taxpayer or his dependent. Limits such deduction to $2,500 per calendar year adjusted for inflation. Prohibits the establishment of an account for the benefit of more than one individual. Prohibits an individual from being a beneficiary of more than one account. Excludes distributions from such accounts from the gross income of the contributors so long as they are used exclusively for the payment of tuition, fees and other expenses required for enrollment or attendance at an institution of higher education, a vocational school, a secondary school, or an elementary school. Specifies sanctions for the use of account funds for other than educational expenses. Treats qualified distributions as income to the beneficiary for the taxable year in which the amounts were paid. Allows the beneficiary to elect to include such amounts in gross income in the taxable year in which the beneficiary attains age 25 and for each of the following nin…