< Back to H.R. 676 (107th Congress, 2001–2002)

Text of the Education IRA Plus Act of 2001

This bill was introduced on February 14, 2001, in a previous session of Congress, but was not enacted. The text of the bill below is as of Feb 14, 2001 (Introduced).

Source: GPO

HR 676 IH

107th CONGRESS

1st Session

H. R. 676

To amend the Internal Revenue Code of 1986 to increase the maximum amount allowable as an annual contribution to education individual retirement accounts from $500 to $2,000, phased in over 3 years.

IN THE HOUSE OF REPRESENTATIVES

February 14, 2001

Mr. LATHAM (for himself, Mr. BACHUS, Mr. EHRLICH, Ms. GRANGER, Mr. PITTS, Mrs. EMERSON, Mr. RILEY, Mr. DUNCAN, Mr. SIMPSON, Ms. HART, Mr. WHITFIELD, Mr. CHAMBLISS, Mr. PAUL, Mr. SMITH of New Jersey, Mr. PASCRELL, Ms. ROS-LEHTINEN, Mrs. NORTHUP, Mr. BURTON of Indiana, Mr. HOSTETTLER, and Mr. RYUN of Kansas) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to increase the maximum amount allowable as an annual contribution to education individual retirement accounts from $500 to $2,000, phased in over 3 years.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ‘Education IRA Plus Act of 2001’.

SEC. 2. PHASED-IN INCREASE IN MAXIMUM ANNUAL CONTRIBUTION TO EDUCATION INDIVIDUAL RETIREMENT ACCOUNTS.

    (a) PHASED-IN INCREASE IN MAXIMUM CONTRIBUTION-

      (1) IN GENERAL- Clause (iii) of section 530(b)(1)(A) of the Internal Revenue Code of 1986 is amended by striking ‘$500’ and inserting ‘the contribution limit for such taxable year’.

      (2) DEFINITION- Subsection (b) of section 530 of such Code is amended by adding at the end the following new paragraph:

      ‘(4) CONTRIBUTION LIMIT- The term ‘contribution limit’ means--

        ‘(A) $1,000 for taxable years beginning in 2002,

        ‘(B) $1,500 for taxable years beginning in 2003, and

        ‘(C) $2,000 for taxable years beginning after 2004.’

      (3) CONFORMING AMENDMENT- Subparagraph (A) of section 4973(e)(1) of such Code is amended by striking ‘$500’ and inserting ‘the contribution limit (as defined in section 530(b)(4)) for such taxable year’.

    (b) EFFECTIVE DATE- The amendments made by this section shall apply to taxable years beginning after December 31, 2001.