H. R. 1032
IN THE HOUSE OF REPRESENTATIVES
March 7, 2013
Mr. Gardner (for himself, Mr. Polis, Mr. Lowenthal, Mr. Meadows, Mr. Jones, and Mr. Gibson) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to expand access to Coverdell education savings accounts.
This Act may be cited as the
Making College Affordable Act of
Expansion of Coverdell education savings accounts
Increase in age limitation of beneficiary after which contributions to account cannot be made
Clause (ii) of section
530(b)(1)(A) of the Internal Revenue Code of 1986 is amended by striking
age 18 and inserting
Increase in annual dollar limitation on contributions to account
Clause (iii) of section 530(b)(1)(A) of such Code is
amended by striking
$2,000 and inserting
Subsection (b) of section 530 of such Code is amended by adding at the end the following new paragraph:
In the case of any taxable year beginning in a calendar year after 2013, the dollar amount in paragraph (1)(A)(iii) shall be increased by an amount equal to—
such dollar amount, multiplied by
cost-of-living adjustment determined under section 1(f)(3) for the calendar
year, determined by substituting
calendar year 2012 for
calendar year 1992 in subparagraph (B) thereof.
If any increase determined under subparagraph (A) is not a multiple of $100, such amount shall be rounded to the nearest multiple of $100.
Increase in age limitation
The amendments made by subsection (a) shall apply to contributions made after the date of the enactment of this Act.
Increase in annual dollar limitation on contributions
The amendments made by subsection (b) shall apply to contributions made in taxable years ending after the date of the enactment of this Act.