[Congressional Bills 111th Congress]
[From the U.S. Government Printing Office]
[S. 83 Introduced in Senate (IS)]
111th CONGRESS
1st Session
S. 83
To amend the Internal Revenue Code of 1986 to expand the Coverdell
education savings accounts to allow home school education expenses, and
for other purposes.
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IN THE SENATE OF THE UNITED STATES
January 6, 2009
Mr. Vitter 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 expand the Coverdell
education savings accounts to allow home school education expenses, 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. ALLOWANCE OF HOME SCHOOL EXPENSES AS QUALIFIED EDUCATION
EXPENSES FOR PURPOSES OF A COVERDELL EDUCATION SAVINGS
ACCOUNT.
(a) In General.--Paragraph (3) of section 530(b) of the Internal
Revenue Code of 1986 (relating to qualified elementary and secondary
education expenses) is amended by adding at the end the following new
subparagraph:
``(C) Private school.--For purposes of this
section, the term `private school' includes any home
school that meets the requirements of State law
applicable to such home schools, whether or not such
school is deemed a private school for purposes of State
law.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2008.
SEC. 2. COVERDELL EDUCATION SAVINGS ACCOUNT CONTRIBUTIONS INDEXED TO
INFLATION.
Subsection (b) of section 530 of the Internal Revenue Code of 1986
(relating to definitions and special rules) is amended by adding at the
end the following new paragraph:
``(5) Adjustment for inflation.--In the case of a taxable
year beginning in a calendar year after 2009, the dollar amount
in paragraph (1)(A)(iii) shall be increased by an amount equal
to--
``(A) such amount, multiplied by
``(B) the cost-of-living adjustment determined
under section 1(f)(3) for such calendar year by
substituting `calendar year 2008' for `calendar year
1992' in subparagraph (B) thereof.''.
SEC. 3. EXPANSION OF EDUCATION SAVINGS INCENTIVES MADE PERMANENT.
Section 901 of the Economic Growth and Tax Relief Reconciliation
Act of 2001 is amended by adding at the end the following new
subsection:
``(c) Exception.--Subsection (a) shall not apply to the amendments
made by section 401.''.
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