115 STAT. 196 PUBLIC LAW 107–22—JULY 26, 2001

Public Law 107–22

107th Congress

An Act

To amend the Internal Revenue Code of 1986 to rename the education individual

retirement accounts as the Coverdell education savings accounts.

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’’:

26 USC 72. (A) Section 72(e)(9).

26 USC 530.

July 26, 2001

[S. 1190]

PUBLIC LAW 107–22—JULY 26, 2001 115 STAT. 197

LEGISLATIVE HISTORY—S. 1190:

CONGRESSIONAL RECORD, Vol. 147 (2001):

July 18, considered and passed Senate.

July 23, considered and passed House.

Æ

(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.

Approved July 26, 2001.

26 USC 2626

note.

26 USC 529.

26 USC 135.

26 USC 72.

26 USC 6693.

26 USC 26.

26 USC 4975.

26 USC 4973.

26 USC 135.