107TH CONGRESS

1ST SESSION S. 1190

AN ACT

To amend the Internal Revenue Code of 1986 to rename

the education individual retirement accounts as the

Coverdell education savings accounts.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,
2

S 1190 ES

1 SECTION 1. RENAMING EDUCATION INDIVIDUAL RETIRE2 MENT ACCOUNTS AS COVERDELL EDU3 CATION SAVINGS ACCOUNTS.

4 (a) IN GENERAL.—

5 (1) Section 530 of the Internal Revenue Code

6 of 1986 is amended by striking ‘‘an education indi7 vidual retirement account’’ each place it appears and

8 inserting ‘‘a Coverdell education savings account’’.

9 (2) Section 530(a) of such Code is amended—

10 (A) by striking ‘‘An education individual

11 retirement account’’ and inserting ‘‘A Coverdell

12 education savings account’’, and

13 (B) by striking ‘‘the education individual

14 retirement account’’ and inserting ‘‘the Cover15 dell education savings account’’.

16 (3) Section 530(b)(1) of such Code is

17 amended—

18 (A) by striking ‘‘education individual re19 tirement account’’ in the text and inserting

20 ‘‘Coverdell education savings account’’, and

21 (B) by striking ‘‘EDUCATION INDIVIDUAL

22 RETIREMENT ACCOUNT’’ in the heading and in23 serting ‘‘COVERDELL EDUCATION SAVINGS AC24 COUNT’’.

25 (4) Sections 530(d)(5) and 530(e) of such Code

26 are amended by striking ‘‘education individual re-
3

S 1190 ES

1 tirement account’’ each place it appears and insert2 ing ‘‘Coverdell education savings account’’.

3 (5) The heading for section 530 of such Code

4 is amended to read as follows:

5 ‘‘SEC. 530. COVERDELL EDUCATION SAVINGS ACCOUNTS.’’.

6 (6) The item in the table of contents for part

7 VII of subchapter F of chapter 1 of such Code relat8 ing to section 530 is amended to read as follows:

‘‘Sec. 530. Coverdell education savings accounts.’’.

9 (b) CONFORMING AMENDMENTS.—

10 (1) The following provisions of the Internal

11 Revenue Code of 1986 are amended by striking ‘‘an

12 education individual retirement’’ each place it ap13 pears and inserting ‘‘a Coverdell education savings’’:

14 (A) Section 72(e)(9).

15 (B) Section 135(c)(2)(C).

16 (C) Section 4973(a).

17 (D) Subsections (c) and (e) of section

18 4975.

19 (2) The following provisions of such Code are

20 amended by striking ‘‘education individual retire21 ment’’ each place it appears in the text and inserting

22 ‘‘Coverdell education savings’’:

23 (A) Section 26(b)(2)(E).

24 (B) Section 4973(e).

25 (C) Section 6693(a)(2)(D).
4

S 1190 ES

1 (3) The headings for the following provisions of

2 such Code are amended by striking ‘‘EDUCATION IN3 DIVIDUAL RETIREMENT’’ each place it appears and

4 inserting ‘‘COVERDELL EDUCATION SAVINGS’’.

5 (A) Section 72(e)(9).

6 (B) Section 135(c)(2)(C).

7 (C) Section 529(c)(3)(B)(vi).

8 (D) Section 4975(c)(5).

9 (4) The heading for section 4973(e) of such

10 Code is amended by striking ‘‘EDUCATION INDI11 VIDUAL RETIREMENT’’ and inserting ‘‘COVERDELL

12 EDUCATION SAVINGS’’.

13 (c) EFFECTIVE DATE.—The amendments made by

14 this section shall take effect on the date of the enactment

15 of this Act.

Passed the Senate July 18, 2001.

Attest:

Secretary.
107TH CONGRESS

1ST SESSION S. 1190

AN ACT

To amend the Internal Revenue Code of 1986 to

rename the education individual retirement accounts as the Coverdell education savings accounts.