[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2971 Introduced in Senate (IS)]







108th CONGRESS
  2d Session
                                 S. 2971

 To permanently increase the maximum annual contribution allowed to be 
             made to Coverdell education savings accounts.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 9, 2004

 Ms. Cantwell introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To permanently increase the maximum annual contribution allowed to be 
             made to 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. SHORT TITLE.

    This Act may be cited as the ``The Education Savings for Students 
Act of 2004''.

SEC. 2. INCREASE IN MAXIMUM ANNUAL CONTRIBUTION FOR COVERDELL EDUCATION 
              SAVINGS ACCOUNTS.

    (a) In General.--Section 530(b)(1)(A)(iii) of the Internal Revenue 
Code of 1986 (defining Coverdell education savings account) is amended 
by striking ``$2,000'' and inserting ``$5,000''.
    (b) Conforming Amendment.--Section 4973(e)(1)(A) 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 December 31, 2004.
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