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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Collegiate Learning and Student
Savings Act''.

SEC. 2. ELIGIBLE EDUCATIONAL INSTITUTIONS PERMITTED TO MAINTAIN
QUALIFIED TUITION PROGRAMS.

(a) In General.--Section 529(b)(1) of the Internal Revenue Code of
1986 (defining qualified State tuition program) is amended by inserting
''or by 1 or more eligible educational institutions or a consortium
that consists solely of eligible educational institutions'' after
''maintained by a State or agency or instrumentality thereof''.
(b) Private Qualified Tuition Programs Limited to Benefit Plans.--
Clause (ii) of section 529(b)(1)(A) of the Internal Revenue Code of
1986 is amended by inserting ''in the case of a program established and
maintained by a State or agency or instrumentality thereof'' before
''may make''.
(c) Conforming Amendments.--
(1) The text and headings of each of the sections 72(e)(9),
135(c)(2(C), 135(d)(1)(D), 529, 530(b)(2)(B), 4973(e), and
6693(a)(2)(C) of the Internal Revenue Code of 1986 is amended
by striking ''qualified State tuition'' each place it appears
and inserting ''qualified tuition''.
(2)(A) The section heading of section 529 of such Code is
amended to read as follows:

''SEC. 529. QUALIFIED TUITION PROGRAMS.''.

(B) The item relating to section 529 in the table of
sections for part VIII of subchapter F of chapter 1 of such
Code is amended by striking ''State''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1999.

SEC. 3. EXCLUSION FROM GROSS INCOME OF EDUCATION DISTRIBUTIONS FROM
QUALIFIED TUITION PROGRAMS.

(a) In General.--Section 529(c)(3)(B) of the Internal Revenue Code
of 1986 (relating to distributions) is amended to read as follows:
''(B) Distributions for qualified higher education
expenses.--
''(i) In general.--If a distributee elects
the application of this clause for any taxable
year--
''(I) no amount shall be includible
in gross income under subparagraph (A)
by reason of a distribution which
consists of providing a benefit to the
distributee which, if paid for by the
distributee, would constitute payment
of a qualified higher education
expense, and
''(II) the amount which (but for
the election) would be includible in
gross income under subparagraph (A) by
reason of any other distribution shall
not be so includible in an amount which
bears the same ratio to the amount
which would be so includible as such
expenses bear to such aggregate
distributions.
''(ii) In-kind distributions.--Any benefit
furnished to a designated beneficiary under a
qualified State tuition program shall be
treated as a distribution to the beneficiary
for purposes of this paragraph.
''(iii) Disallowance of excluded amounts as
credit or deduction.--No deduction or credit
shall be allowed to the taxpayer under any
other section of this chapter for any qualified
higher education expenses to the extent taken
into account in determining the amount of the
exclusion under this subparagraph.''.
(b) Beneficiary May Change Program.--Section 529(c)(3)(C) of the
Internal Revenue Code of 1986 (relating to change in beneficiaries) is
amended--
(1) in clause (i), by inserting ''to another qualified
tuition program for the benefit of the designated beneficiary
or'' after ''transferred'', and
(2) in the heading, by inserting ''or programs'' after
''beneficiaries.
(c) Additional Tax on Amounts Not Used for Higher Education
Expenses.--Section 529(c)(3) of the Internal Revenue Code of 1986
(relating to distributions) is amended by adding at the end the
following:
''(E) Additional tax on amounts not used for higher
education expenses.--The tax imposed by section
530(d)(4) shall apply to payments and distributions
from qualified tuition programs in the same manner as
such tax applies to education individual retirement
accounts.''.
(d) Coordination With Education Credits.--Section 25A(e)(2) of the
Internal Revenue Code of 1986 (relating to coordination with
exclusions) is amended--
(1) by inserting ''a qualified tuition program or'' before
''an education individual retirement account'', and
(2) by striking ''section 530(d)(2)'' and inserting
''section 529(c)(3)(B) or 530(d)(2)''.
(e) Effective Dates.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to distributions
made after December 31, 1999, for education furnished in
academic periods beginning after such date.
(2) Private programs.--In the case of a qualified tuition
program established and maintained by an entity other than a
State or agency or instrumentality thereof, the amendments made
by subsections (a), (c), and (d) shall apply to distributions
made after December 31, 2003, for education furnished in
academic periods beginning after such date.

SEC. 4. QUALIFIED TUITION PROGRAMS INCLUDED IN SECURITIES EXEMPTION.

(a) Exempted Securities.--Section 3(a)(4) of the Securities Act of
1933 (15 U.S.C. 77c(a)(4)) is amended by striking ''individual;'' and
inserting ''individual or any security issued by a prepaid tuition
program described in section 529 of the Internal Revenue Code of
1986;''.
(b) Qualified Tuition Programs Not Investment Companies.--Section
3(c) of the Investment Company Act of 1940 (15 U.S.C. 80a-3(c)) is
amended by adding at the end the following:
''(15) Any prepaid tuition program described in section 529
of the Internal Revenue Code of 1986.''.
Output:
Collegiate Learning and Student Savings Act - Amends the Internal Revenue Code to: (1) permit private higher educational institutions, in addition to currently permitted State institutions, to establish qualified tuition programs; and (2) exclude from gross income such program distributions used for qualified higher education expenses.
Amends the Investment Company Act of 1940 to exempt qualified tuition programs from the definition of an investment company.