Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. SHORT TITLE.

This Act may be cited as the ''401Kids Family Savings Act of
2013''.

SEC. 2. CONVERSION OF COVERDELL EDUCATION SAVINGS ACCOUNTS TO 401KIDS
SAVINGS ACCOUNTS.

(a) In General.--Section 530 of the Internal Revenue Code of 1986
is amended by striking ''Coverdell education savings account'' each
place it appears in subsection (a), subsection (b)(1), subsection
(b)(4), subsection (d)(4)(A), subsection (d)(5), subsection (d)(6),
subsection (d)(9), and subsection (h), and inserting ''401Kids savings
account''.
(b) Conforming Amendments.--
(1) The heading of section 530 of the Internal Revenue Code
of 1986 is amended by striking ''coverdell education savings
accounts'' and inserting ''401kids savings accounts''.
(2) The heading of paragraph (1) of section 530(b) of such
Code is amended by striking ''Coverdell education savings
account'' and inserting ''401Kids savings account''.
(3) Section 26(b)(2)(E) of such Code is amended by striking
''Coverdell education savings accounts'' and inserting
''401Kids savings accounts''.
(4) Section 72(e)(9) of such Code is amended by striking
''Coverdell education savings account'' and inserting ''401Kids
savings account''.
(5) The heading of paragraph (9) of section 72(e) of such
Code is amended by striking ''Coverdell education savings
accounts'' and inserting ''401Kids savings accounts''.
(6) Section 135(c)(2)(C) of such Code is amended by
striking ''Coverdell education savings account'' and inserting
''401Kids savings account''.
(7) The heading of subparagraph (C) of section 135(c)(2) of
such Code is amended by striking ''Coverdell education savings
accounts'' and inserting ''401Kids savings accounts''.
(8) Section 408A(e)(2)(A)(ii) of such Code is amended by
striking ''Coverdell education savings account'' and inserting
''401Kids savings account''.
(9) The heading of clause (vi) of section 529(c)(3)(B) of
such Code is amended by striking ''Coverdell education savings
accounts'' and inserting ''401Kids savings accounts''.
(10) Section 529(c)(6) of such Code is amended by striking
''Coverdell education savings account'' and inserting ''401Kids
savings account''.
(11) Section 877A(e)(2) of such Code is amended by striking
''Coverdell education savings account'' and inserting ''401Kids
savings account''.
(12) Section 4973(a)(4) of such Code is amended by striking
''Coverdell education savings account'' and inserting ''401Kids
savings account''.
(13) Section 4973(e)(1) of such Code is amended by striking
''Coverdell education savings accounts'' and inserting
''401Kids savings accounts''.
(14) Section 4973(e)(2)(A) of such Code is amended by
striking ''Coverdell education savings account'' and inserting
''401Kids savings account''.
(15) The heading of subsection (e) of section 4973 of such
Code is amended by striking ''Coverdell Education Savings
Accounts'' and inserting ''401Kids Savings Accounts''.
(16) Section 4975(c)(5) of such Code is amended by striking
''Coverdell education savings account'' and inserting ''401Kids
savings account''.
(17) The heading of paragraph (5) of section 4975(c) of
such Code is amended by striking ''Coverdell education savings
accounts'' and inserting ''401Kids savings accounts''.
(18) Section 4975(e)(1)(F) of such Code is amended by
striking ''Coverdell education savings account'' and inserting
''401Kids savings account''.
(19) Section 6693(a)(2)(E) of such Code is amended by
striking ''Coverdell education savings accounts'' and inserting
''401Kids savings accounts''.
(20) The heading of part VIII of subchapter F of chapter 1
of such Code is amended by striking ''higher education
savings'' and inserting ''education and children's savings''.
(c) Clerical Amendments.--
(1) The item relating to part VIII in the table of parts
for subchapter F of chapter 1 of the Internal Revenue Code of
1986 is amended to read as follows:

''Part VIII. Education and Children's Savings Entities''.

(2) The table of sections for part VIII of subchapter F of
chapter 1 of such Code is amended by striking the item relating
to section 530 and inserting the following new item:

''Sec. 530. 401Kids savings accounts.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.

SEC. 3. QUALIFIED DISTRIBUTIONS FOR FIRST HOME PURCHASES.

(a) In General.--Paragraph (1) of section 530(b) of the Internal
Revenue Code of 1986 is amended by striking ''qualified education
expenses'' and inserting ''qualified expenses''.
(b) Qualified Expenses.--Subsection (b) of section 530 of the
Internal Revenue Code of 1986 is amended by redesignating paragraphs
(2), (3), and (4) as paragraphs (4), (5), and (6), respectively, and by
inserting after paragraph (1) the following new paragraphs:
''(2) Qualified expenses.--The term 'qualified expenses'
means--
''(A) qualified first-time homebuyer expenses, and
''(B) qualified education expenses.
''(3) Qualified first-time homebuyer expenses.--
''(A) In general.--The term 'qualified first-time
homebuyer expenses' means, in the case of a designated
beneficiary who is a first-time homebuyer, the
qualified acquisition costs with respect to a principal
residence of such beneficiary.
''(B) Definitions.--The terms 'first-time
homebuyer', 'qualified acquisition costs', and
'principal residence' have the same meaning as when
used in section 72(t)(8).''.
(c) Conforming Amendments.--
(1) Paragraph (4)(A)(ii) (as redesignated by subsection
(b)) of section 530(b) of the Internal Revenue Code of 1986 is
amended by striking ''as defined in paragraph (3)'' and
inserting ''as defined in paragraph (5)''.
(2) Subparagraphs (A), (B), and (D) of section 530(d)(1) of
such Code are each amended by striking ''qualified education
expenses'' each place it appears and inserting ''qualified
expenses''.
(3) The heading of paragraph (2) of section 530(d) of such
Code is amended by striking ''education expenses'' and
inserting ''expenses''.
(4) The heading of paragraph (4) of section 530(d) of such
Code is amended by striking ''educational expenses'' and
inserting ''expenses''.
(5) Subclause (I) of section 529(c)(3)(B)(vi) of such Code
is amended by striking ''to which clauses (i) and (ii) and
section 530(d)(2)(A) apply'' and inserting ''for qualified
higher education expenses to which clauses (i) and (ii) apply
and for qualified education expenses to which section
530(d)(2)(A) applies''.
(6) Clause (vi) of section 529(c)(3)(B) of such Code is
amended by striking ''and section 530(d)(2)(A).'' and inserting
''and the amount of the exclusion with respect to qualified
education expenses under section 530(d)(2)(A).''.
(d) Effective Date.--The amendments made by this section shall
apply to distributions made in taxable years beginning after the date
of the enactment of this Act.

SEC. 4. QUALIFIED ROLLOVER CONTRIBUTIONS FROM 401KIDS SAVINGS ACCOUNTS
TO ROTH IRAS.

(a) In General.--Paragraph (5) of section 530(d) of the Internal
Revenue Code of 1986 is amended by inserting '', or into a Roth IRA of
the beneficiary'' after ''as of such date''.
(b) Conforming Amendment; Technical Correction.--Paragraph (1) of
section 408A(e) of the Internal Revenue Code of 1986 is amended to read
as follows:
''(1) In general.--The term 'qualified rollover
contribution' means a rollover contribution to a Roth IRA from
another such account, from an eligible retirement plan (as
defined in section 402(c)(8)(B)), or from a 401Kids savings
account (as defined in section 530(b)(1)), but only if--
''(A) such rollover contribution meets the
requirements of section 408(d)(3),
''(B) in the case of a rollover contribution from
an eligible retirement plan described in clause (iii),
(iv), (v), or (vi) of section 402(c)(8)(B), such
contribution meets the requirements of section 402(c),
403(b)(8), or 457(e)(16), whichever is applicable, and
''(C) in the case of a rollover contribution from a
401Kids savings account, such contribution meets the
requirements of section 530(d)(5).
For purposes of section 408(d)(3)(B), there shall be
disregarded any qualified rollover contribution from an
individual retirement plan (other than a Roth IRA) to a Roth
IRA.''.
(c) Effective Date.--The amendments made by this section shall
apply to rollover contributions made in taxable years beginning after
the date of the enactment of this Act.
A:
401Kids Family Savings Act of 2013 - Amends the Internal Revenue Code to: (1) rename Coverdell education savings accounts as 401Kids savings accounts, (2) allow the use of such accounts to pay the acquisition costs of a first-time homebuyer, and (3) allow tax-free rollovers of amounts in a 401Kids savings account to a Roth individual retirement account (Roth IRA).