[Congressional Record Volume 147, Number 103 (Monday, July 23, 2001)]
[House]
[Pages H4404-H4405]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    RENAMING EDUCATION INDIVIDUAL RETIREMENT ACCOUNTS AS COVERDELL 
                       EDUCATION SAVINGS ACCOUNTS

  Mr. THOMAS. Mr. Speaker, I ask unanimous consent that the Committee 
on Ways and Means be discharged from further consideration of

[[Page H4405]]

the Senate bill (S. 1190) to amend the Internal Revenue Code of 1986 to 
rename the education individual retirement accounts as the Coverdell 
education savings accounts, and ask for its immediate consideration in 
the House.
  The Clerk read the title of the Senate bill.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from California?
  There was no objection.
  The Clerk read the Senate bill, 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'' 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.

  The Senate bill was ordered to be read a third time, was read the 
third time, and passed, and a motion to reconsider was laid on the 
table.

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