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Text of the Give Families Better Tools to Save for Education Act of 2012

This bill was introduced on July 12, 2012, in a previous session of Congress, but was not enacted. The text of the bill below is as of Jul 12, 2012 (Introduced).

Source: GPO

I

112th CONGRESS

2d Session

H. R. 6115

IN THE HOUSE OF REPRESENTATIVES

July 12, 2012

(for herself and Mr. Kelly) 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 contribution limit for Coverdell education savings accounts from $2,000 to $10,000.

1.

Short title

This Act may be cited as the Give Families Better Tools to Save for Education Act of 2012.

2.

Coverdell account contribution limitation increase

(a)

In general

Clause (iii) of section 530(b)(1)(A) of the Internal Revenue Code of 1986 is amended by striking $2,000 and inserting $10,000.

(b)

Conforming amendment

Subparagraph (A) of section 4973(e)(1) of such Code is amended by striking $2,000 and inserting $10,000.

(c)

Effective date

The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.