Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
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'': (A) Section 72(e)(9).
(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.
LEGISLATIVE HISTORY--S. 1190: ---------------------------------------------------------------------------
CONGRESSIONAL RECORD, Vol. 147 (2001): July 18, considered and passed Senate. July 23, considered and passed House.
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