[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 676 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 676

  To amend the Internal Revenue Code of 1986 to increase the maximum 
  amount allowable as an annual contribution to education individual 
    retirement accounts from $500 to $2,000, phased in over 3 years.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 14, 2001

  Mr. Latham (for himself, Mr. Bachus, Mr. Ehrlich, Ms. Granger, Mr. 
Pitts, Mrs. Emerson, Mr. Riley, Mr. Duncan, Mr. Simpson, Ms. Hart, Mr. 
   Whitfield, Mr. Chambliss, Mr. Paul, Mr. Smith of New Jersey, Mr. 
 Pascrell, Ms. Ros-Lehtinen, Mrs. Northup, Mr. Burton of Indiana, Mr. 
  Hostettler, and Mr. Ryun of Kansas) 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 
  amount allowable as an annual contribution to education individual 
    retirement accounts from $500 to $2,000, phased in over 3 years.

    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 ``Education IRA Plus Act of 2001''.

SEC. 2. PHASED-IN INCREASE IN MAXIMUM ANNUAL CONTRIBUTION TO EDUCATION 
              INDIVIDUAL RETIREMENT ACCOUNTS.

    (a) Phased-In Increase in Maximum Contribution.--
            (1) In general.--Clause (iii) of section 530(b)(1)(A) of 
        the Internal Revenue Code of 1986 is amended by striking 
        ``$500'' and inserting ``the contribution limit for such 
        taxable year''.
            (2) Definition.--Subsection (b) of section 530 of such Code 
        is amended by adding at the end the following new paragraph:
            ``(4) Contribution limit.--The term `contribution limit' 
        means--
                    ``(A) $1,000 for taxable years beginning in 2002,
                    ``(B) $1,500 for taxable years beginning in 2003, 
                and
                    ``(C) $2,000 for taxable years beginning after 
                2004.''
            (3) Conforming amendment.--Subparagraph (A) of section 
        4973(e)(1) of such Code is amended by striking ``$500'' and 
        inserting ``the contribution limit (as defined in section 
        530(b)(4)) for such taxable year''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2001.
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