[Congressional Record Volume 147, Number 100 (Wednesday, July 18, 2001)]
[Senate]
[Pages S7833-S7834]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  COVERDELL EDUCATION SAVINGS ACCOUNTS

  Mr. LOTT. Mr. President, I ask unanimous consent that the Senate now 
proceed to the immediate consideration of S. 1190 introduced earlier 
today by myself.
  The ACTING PRESIDENT pro tempore. The clerk will report the bill by 
title.
  The legislative clerk read as follows:

       A bill (S. 1190) to amend the Internal Revenue Code of 1986 
     to rename the Educational Individual Retirement Accounts as 
     the ``Coverdell Education Savings Accounts''.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. DASCHLE. Mr. President, I ask the distinguished Republican leader 
if I may be added as a cosponsor.
  Mr. LOTT. Mr. President, I would be honored. I should have suggested 
that in the first place. That certainly should be done. I support that.
  Mr. DASCHLE. I thank the Republican leader.
  Mr. LOTT. Mr. President, I ask unanimous consent that the bill be 
read a third time and passed and the motion to reconsider be laid upon 
the table.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.
  The bill (S. 1190) was read the third time and passed, as follows:

                                S. 1190

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. RENAMING EDUCATION INDIVIDUAL RETIREMENT ACCOUNTS 
                   AS COVERDELL EDUCATION SAVINGS ACCOUNTS.

       (a) In General.--
       (1) Section 530 of the Internal Revenue Code of 1986 is 
     amended by striking ``an education individual retirement 
     account'' each place it appears and inserting ``a Coverdell 
     education savings account''.
       (2) Section 530(a) of such Code is amended--
       (A) by striking ``An education individual retirement 
     account'' and inserting ``A Coverdell education savings 
     account'', and
       (B) by striking ``the education individual retirement 
     account'' and inserting ``the Coverdell education savings 
     account''.
       (3) Section 530(b)(1) of such Code is amended--
       (A) by striking ``education individual retirement account'' 
     in the text and inserting ``Coverdell education savings 
     account'', and
       (B) by striking ``Education individual retirement account'' 
     in the heading and inserting ``Coverdell education savings 
     account''.
       (4) Sections 530(d)(5) and 530(e) of such Code are amended 
     by striking ``education individual retirement account'' each 
     place it appears and inserting ``Coverdell education savings 
     account''.
       (5) The heading for section 530 of such Code is amended to 
     read as follows:

     ``SEC. 530. COVERDELL EDUCATION SAVINGS ACCOUNTS.''.

       (6) The item in the table of contents for part VII of 
     subchapter F of chapter 1 of such Code relating to section 
     530 is amended to read as follows:

``Sec. 530. Coverdell education savings accounts.''.
       (b) Conforming Amendments.--
       (1) The following provisions of the Internal Revenue Code 
     of 1986 are amended by striking ``an education individual 
     retirement''

[[Page S7834]]

     each place it appears and inserting ``a Coverdell education 
     savings'':
       (A) Section 72(e)(9).
       (B) Section 135(c)(2)(C).
       (C) Section 4973(a).
       (D) Subsections (c) and (e) of section 4975.
       (2) The following provisions of such Code are amended by 
     striking ``education individual retirement'' each place it 
     appears in the text and inserting ``Coverdell education 
     savings'':
       (A) Section 26(b)(2)(E).
       (B) Section 4973(e).
       (C) Section 6693(a)(2)(D).
       (3) The headings for the following provisions of such Code 
     are amended by striking ``education individual retirement'' 
     each place it appears and inserting ``coverdell education 
     savings''.
       (A) Section 72(e)(9).
       (B) Section 135(c)(2)(C).
       (C) Section 529(c)(3)(B)(vi).
       (D) Section 4975(c)(5).
       (4) The heading for section 4973(e) of such Code is amended 
     by striking ``Education Individual Retirement'' and inserting 
     ``Coverdell Education Savings''.
       (c) Effective Date.--The amendments made by this section 
     shall take effect on the date of the enactment of this Act.

  Mr. LOTT. Mr. President, again I thank Senator Daschle for allowing 
me to do this. I think this is the thing that would mean the most to 
Paul--Coverdell Education Savings Accounts.
  Thank you, Mr. President.

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