[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1190 Enrolled Bill (ENR)]

        S.1190

                      One Hundred Seventh Congress

                                 of the

                        United States of America


                          AT THE FIRST SESSION

         Begun and held at the City of Washington on Wednesday,
             the third day of January, two thousand and one


                                 An Act


 
   To amend the Internal Revenue Code of 1986 to rename the education 
   individual retirement accounts as the Coverdell education savings 
                                accounts.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,
SECTION 1. RENAMING EDUCATION INDIVIDUAL RETIREMENT ACCOUNTS AS 
COVERDELL EDUCATION SAVINGS ACCOUNTS.
    (a) In General.--
        (1) Section 530 of the Internal Revenue Code of 1986 is amended 
    by striking ``an education individual retirement account'' each 
    place it appears and inserting ``a Coverdell education savings 
    account''.
        (2) Section 530(a) of such Code is amended--
            (A) by striking ``An education individual retirement 
        account'' and inserting ``A Coverdell education savings 
        account'', and
            (B) by striking ``the education individual retirement 
        account'' and inserting ``the Coverdell education savings 
        account''.
        (3) Section 530(b)(1) of such Code is amended--
            (A) by striking ``education individual retirement account'' 
        in the text and inserting ``Coverdell education savings 
        account'', and
            (B) by striking ``Education individual retirement account'' 
        in the heading and inserting ``Coverdell education savings 
        account''.
        (4) Sections 530(d)(5) and 530(e) of such Code are amended by 
    striking ``education individual retirement account'' each place it 
    appears and inserting ``Coverdell education savings account''.
        (5) The heading for section 530 of such Code is amended to read 
    as follows:

``SEC. 530. COVERDELL EDUCATION SAVINGS ACCOUNTS.''.

        (6) The item in the table of contents for part VII of 
    subchapter F of chapter 1 of such Code relating to section 530 is 
    amended to read as follows:
        ``Sec. 530. Coverdell education savings accounts.''.

    (b) Conforming Amendments.--
        (1) The following provisions of the Internal Revenue Code of 
    1986 are amended by striking ``an education individual retirement'' 
    each place it appears and inserting ``a Coverdell education 
    savings'':
            (A) Section 72(e)(9).
            (B) Section 135(c)(2)(C).
            (C) Section 4973(a).
            (D) Subsections (c) and (e) of section 4975.
        (2) The following provisions of such Code are amended by 
    striking ``education individual retirement'' each place it appears 
    in the text and inserting ``Coverdell education savings'':
            (A) Section 26(b)(2)(E).
            (B) Section 4973(e).
            (C) Section 6693(a)(2)(D).
        (3) The headings for the following provisions of such Code are 
    amended by striking ``education individual retirement'' each place 
    it appears and inserting ``coverdell education savings''.
            (A) Section 72(e)(9).
            (B) Section 135(c)(2)(C).
            (C) Section 529(c)(3)(B)(vi).
            (D) Section 4975(c)(5).
        (4) The heading for section 4973(e) of such Code is amended by 
    striking ``Education Individual Retirement'' and inserting 
    ``Coverdell Education Savings''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.