Making College Affordable Act of 2013

Bill: 113-hr-1032
Sponsor: full_name: Rep. Gardner, Cory [R-CO-4]
Introduced: 2013-03-07
Policy area: Taxation
Subjects: Elementary and secondary education

Higher education

Income tax exclusion

Inflation and prices

Student aid and college costs
Latest action: action_date: 2013-03-07
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2013-03-07
action_desc: Introduced in House
text: <p>Making College Affordable Act of 2013 - Amends the Internal Revenue Code, with respect to Coverdell education savings accounts, to: (1) increase the age limit for beneficiaries of such accounts after which contributions may not be made from age 18 to age 26, (2) increase the maximum contribution limit in any taxable year from $2,000 to $10,000, and (3) allow an annual inflation adjustment to the increased contribution limit for taxable years beginning in a calendar year after 2013.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 1032 IN THE HOUSE OF REPRESENTATIVES March 7, 2013 Mr. Gardner (for himself, Mr. Polis , Mr. Lowenthal , Mr. Meadows , Mr. Jones , and Mr. Gibson ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to expand access to Coverdell education savings accounts.

1. Short title This Act may be cited as the Making College Affordable Act of 2013 . 2. Expansion of Coverdell education savings accounts (a) Increase in age limitation of beneficiary after which contributions to account cannot be made Clause (ii) of section 530(b)(1)(A) of the Internal Revenue Code of 1986 is amended by striking age 18 and inserting age 26 . (b) Increase in annual dollar limitation on contributions to account (1) In general Clause (iii) of section 530(b)(1)(A) of such Code is amended by striking $2,000 and inserting $10,000 . (2) Inflation adjustment Subsection (b) of section 530 of such Code is amended by adding at the end the following new paragraph: (5) Inflation adjustment (A) In general In the case of any taxable year beginning in a calendar year after 2013, the dollar amount in paragraph (1)(A)(iii) shall be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year, determined by substituting calendar year 2012 for calendar year 1992 in subparagraph (B) thereof. (B) Rounding rule If any increase determined under subparagraph (A) is not a multiple of $100, such amount shall be rounded to the nearest multiple of $100. . (c) Effective dates (1) Increase in age limitation The amendments made by subsection (a) shall apply to contributions made after the date of the enactment of this Act. (2) Increase in annual dollar limitation on contributions The amendments made by subsection (b) shall apply to contributions made in taxable years ending after the date of the enactment of this Act.