[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 243 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 243

To amend the Internal Revenue Code of 1986 to increase the contribution 
 limit for Coverdell education savings accounts from $2,000 to $5,000, 
                        and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                            January 22, 2015

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

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to increase the contribution 
 limit for Coverdell education savings accounts from $2,000 to $5,000, 
                        and for other purposes.

    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 ``Allocating for Children's Education 
Act'' or the ``ACE Act''.

SEC. 2. COVERDELL ACCOUNT CONTRIBUTION LIMITATION INCREASE.

    (a) In General.--Clause (iii) of section 530(b)(1)(A) of the 
Internal Revenue Code of 1986 is amended by striking ``$2,000'' and 
inserting ``$5,000''.
    (b) Conforming Amendment.--Subparagraph (A) of section 4973(e)(1) 
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 the date of the enactment of 
this Act.

SEC. 3. INCLUSION OF ATHLETIC EQUIPMENT IN QUALIFIED ELEMENTARY AND 
              SECONDARY EDUCATION EXPENSES.

    (a) In General.--Clause (i) of section 530(b)(3)(A) of the Internal 
Revenue Code of 1986 is amended by striking ``other equipment'' and 
inserting ``other equipment (including athletic equipment)''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after the date of the enactment of this Act.
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