114 S243 IS: Allocating for Children's Education Act U.S. Senate 2015-01-22 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II114th CONGRESS1st SessionS. 243IN THE SENATE OF THE UNITED STATESJanuary 22, 2015Mrs. Fischer introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo amend the Internal Revenue Code of 1986 to increase the contribution limit for Coverdell education savings accounts from $2,000 to $5,000, and for other purposes.

1.

Short title

This Act may be cited as the Allocating for Children's Education Act or the ACE Act.

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 $5,000.(b)

Conforming amendment

Subparagraph (A) of section 4973(e)(1) of the Internal Revenue Code of 1986 is amended by striking $2,000 and inserting $5,000.(c)

Effective date

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

3.

Inclusion of athletic equipment in qualified elementary and secondary education expenses

(a)

In general

Clause (i) of section 530(b)(3)(A) of the Internal Revenue Code of 1986 is amended by striking other equipment and inserting other equipment (including athletic equipment).(b)

Effective date

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