[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 157 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                 S. 157

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 4, 2007

 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 Education Savings for Students Act 
of 2007''.

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, 2006.
    (d) Permanent Extension of Modifications.--Section 901 of the 
Economic Growth and Tax Relief Reconciliation Act of 2001 (relating to 
sunset provisions) shall not apply to section 401 of such Act (relating 
to modifications to education individual retirement accounts).
                                 <all>