[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6289 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 6289

    To amend the Internal Revenue Code of 1986 to expand access to 
                 Coverdell education savings accounts.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 2, 2012

    Mr. Gardner (for himself, Mrs. Myrick, Mr. Paul, Mr. Griffin of 
Arkansas, Mr. Kelly, Mr. Polis, and Mr. Long) 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 expand access 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 ``Making College Affordable Act of 
2012''.

SEC. 2. EXPANSION OF COVERDELL EDUCATION SAVINGS ACCOUNTS.

    (a) Increase in Age Limitation of Beneficiary After Which 
Contributions to Account Cannot Be Made.--Clause (ii) of section 
530(b)(1)(A) of the Internal Revenue Code of 1986 is amended by 
striking ``age 18'' and inserting ``age 26''.
    (b) Increase in Annual Dollar Limitation on Contributions to 
Account.--
            (1) In general.--Clause (iii) of section 530(b)(1)(A) of 
        such Code is amended by striking ``$2,000'' and inserting 
        ``$10,000''.
            (2) Inflation adjustment.--Subsection (b) of section 530 of 
        such Code is amended by adding at the end the following new 
        paragraph:
            ``(5) Inflation adjustment.--
                    ``(A) In general.--In the case of any taxable year 
                beginning in a calendar year after 2012, the dollar 
                amount in paragraph (1)(A)(iii) shall be increased by 
                an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year, determined by substituting 
                        `calendar year 2011' for `calendar year 1992' 
                        in subparagraph (B) thereof.
                    ``(B) Rounding rule.--If any increase determined 
                under subparagraph (A) is not a multiple of $100, such 
                amount shall be rounded to the nearest multiple of 
                $100.''.
    (c) Effective Dates.--
            (1) Increase in age limitation.--The amendments made by 
        subsection (a) shall apply to contributions made after the date 
        of the enactment of this Act.
            (2) Increase in annual dollar limitation on 
        contributions.--The amendments made by subsection (b) shall 
        apply to contributions made in taxable years ending after the 
        date of the enactment of this Act.
                                 <all>