Give Families Better Tools to Save for Education Act of 2012

Give Families Better Tools to Save for Education Act of 2012 - Amends the Internal Revenue Code to increase the limitation on contributions to a tax-exempt Coverdell education savings account from $2,000 to $10,000.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6115 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 6115

To amend the Internal Revenue Code of 1986 to increase the contribution 
 limit for Coverdell education savings accounts from $2,000 to $10,000.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 12, 2012

Ms. Buerkle (for herself and Mr. Kelly) 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 increase the contribution 
 limit for Coverdell education savings accounts from $2,000 to $10,000.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Give Families Better Tools to Save 
for Education Act of 2012''.

SEC. 2. COVERDELL ACCOUNT CONTRIBUTION LIMITATION INCREASE.

    (a) In General.--Clause (iii) of section 530(b)(1)(A) of the 
Internal Revenue Code of 1986 is amended by striking ``$2,000'' and 
inserting ``$10,000''.
    (b) Conforming Amendment.--Subparagraph (A) of section 4973(e)(1) 
of such Code is amended by striking ``$2,000'' and inserting 
``$10,000''.
    (c) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after the date of the enactment of this Act.
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