II
108th CONGRESS
2d Session
S. 2971
IN THE SENATE OF THE UNITED STATES
October 9, 2004
Ms. Cantwell introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To permanently increase the maximum annual contribution allowed to be made to Coverdell education savings accounts.
Short title
This Act may be cited as the
The Education Savings for Students Act
of 2004
.
Increase in maximum annual contribution for coverdell education savings accounts
In general
Section 530(b)(1)(A)(iii) of the Internal Revenue Code of
1986 (defining Coverdell education savings account) is amended by striking
$2,000
and inserting $5,000
.
Conforming amendment
Section 4973(e)(1)(A) of the Internal Revenue Code of
1986 is amended by striking $2,000
and inserting
$5,000
.
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2004.