[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2006 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 2006

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 15, 2013

Mr. Walberg (for himself and Mr. Kildee) 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 ``Helping Families Save for Education 
Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) College costs have increased tremendously over the past 
        decade. Between academic year 2002-2003 and academic year 2012-
        2013--
                    (A) published tuition and fees for students at 
                public 4-year institutions of higher education 
                increased from $5,213 to $8,655 or by 66 percent beyond 
                the rate of inflation,
                    (B) published tuition and fees for students at 
                public 2-year institutions of higher education 
                increased from $2,129 to $3,131 or by 47 percent beyond 
                the rate of inflation, and
                    (C) published tuition and fees for students at 
                private 4-year institutions of higher education 
                increased from $22,974 to $29,056 or by 26 percent 
                beyond the rate of inflation.
            (2) Federal financial aid for students has also increased 
        rapidly but failed to mitigate the issues of rising college 
        costs. Between academic year 2001-2002 and academic year 2011-
        2012--
                    (A) the amount of Federal financial aid in the form 
                of Federal Pell Grants, Federal student loans, campus-
                based aid, veterans educational benefits, and tax 
                credits increased from $72.3 billion to $173.8 billion 
                or by 140 percent beyond the rate of inflation, and
                    (B) the Federal Government's share of total student 
                aid administered increased from 67 percent to 73 
                percent.

SEC. 3. 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 22''.
    (b) Increase in Annual Dollar Limitation on Contributions to 
Account.--Clause (iii) of section 530(b)(1)(A) of such Code is amended 
by striking ``$2,000'' and inserting ``$10,000''.
    (c) Effective Dates.--
            (1) Increase in age limitation.--The amendment 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>