[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4147 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 4147

  To amend the Internal Revenue Code of 1986 to increase the maximum 
  annual contribution to education individual retirement accounts to 
                 $5,000 for higher education purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 25, 1998

    Mr. Fox of Pennsylvania (for himself, Mr. Horn, Mr. Fattah, Ms. 
   Stabenow, Mr. Foley, Mrs. Thurman, and Ms. Jackson-Lee of Texas) 
 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 
  annual contribution to education individual retirement accounts to 
                 $5,000 for higher education purposes.

    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 ``Higher Education Affordability Act 
of 1998''.

SEC. 2. INCREASE IN MAXIMUM ANNUAL CONTRIBUTION TO EDUCATION INDIVIDUAL 
              RETIREMENT ACCOUNT.

    (a) In General.--Section 530(b)(1)(A)(iii) of the Internal Revenue 
Code of 1986 is amended by striking ``$500'' and inserting ``$5,000''.
    (b) Conforming Amendments.--
            (1) Section 530(d)(4)(C) of such Code is amended by 
        striking ``$500'' and inserting ``$5,000''.
            (2) Section 4973(e)(1)(A) of such Code is amended by 
        striking ``$500'' and inserting ``$5,000''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1998.
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