[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3674 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 3674

To amend the Internal Revenue Code of 1986 to allow tax-free rollovers 
of amounts in one qualified State tuition program to another qualified 
     State tuition program for the benefit of the same beneficiary.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 16, 2000

  Mr. Tancredo (for himself, Ms. DeGette, Mr. Udall of Colorado, Mr. 
    McInnis, Mr. Schaffer, Mr. Hefley, and Mr. Paul) 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 allow tax-free rollovers 
of amounts in one qualified State tuition program to another qualified 
     State tuition program for the benefit of the same beneficiary.

    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 ``College Savings Opportunity Act''.

SEC. 2. ROLLOVERS BETWEEN QUALIFIED STATE TUITION PROGRAMS.

    (a) In General.--Paragraph (3) of section 529(c) of the Internal 
Revenue Code of 1986 (relating to tax treatment of designated 
beneficiaries and contributors) is amended by adding at the end the 
following new subparagraph:
                    ``(E) Rollover contributions.--Subparagraph (A) 
                shall not apply to any amount paid or distributed from 
                a qualified State tuition program to the extent that 
                the amount received is paid, not later than the 60th 
                day after the date of such payment or distribution, 
                into another qualified State tuition program for the 
                benefit of the same beneficiary or a member of the 
                family (within the meaning of subsection (e)(2)) of 
                such beneficiary. The preceding sentence shall not 
                apply to any payment or distribution if it applied to 
                any prior payment or distribution during the 12-month 
                period ending on the date of the payment or 
                distribution.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to amounts paid or distributed after the date of the enactment of 
this Act.
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