S 306 · 107th Congress 2001–2003, ended

Coverdell Education Savings Accounts Act of 2001

Introduced Feb 13, 2001 Originated Senate Sponsor Robert G. Torricelli D-NJ

Latest action · Feb 13, 2001 Read twice and referred to the Committee on Finance.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedFeb 13, 2001
Passed SenateNot reached
Passed HouseNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Coverdell Education Savings Accounts Act of 2001 - Amends the Internal Revenue Code, with respect to education individual retirement accounts (IRAs), to: (1) permit distributions for qualified elementary and secondary education expenses; (2) increase annual contribution limits from $500 to $2,000, with annual inflation adjustments as of tax year 2003; (3) waive the beneficiary age limitation (18) for contributions on behalf of special needs beneficiaries; (4) permit corporations to contribute to education IRAs; (5) permit annual contributions to be made until the filing date (not including extensions) for a tax year; (6) extend the time for return of excess contributions; and (7) provide for coordination with Hope and lifetime learning credit and qualified tuition program provisions.

Renames such educational IRAs as Coverdell education savings accounts.

Excludes from gross income: (1) employer contributions to such accounts on behalf of an employee or employee family member; and (2) account distributions.

Cosponsors 17

Members who signed on, in the order they did. Signatures ran from Feb 13, 2001 to Mar 6, 2001; 16 are original cosponsors, there from the day it was introduced.

Seat	Cosponsor		Signed on
R-NE	Chuck Hagel	Original	Feb 13, 2001
R-TN	Fred Thompson	Original	Feb 13, 2001
R-OH	George V. Voinovich	Original	Feb 13, 2001
R-AL	Jeff Sessions	Original	Feb 13, 2001
D-LA	John B. Breaux	Original	Feb 13, 2001
R-AZ	Jon Kyl	Original	Feb 13, 2001
I-CT	Joseph I. Lieberman	Original	Feb 13, 2001
R-NH	Judd Gregg	Original	Feb 13, 2001
D-GA	Max Cleland	Original	Feb 13, 2001
R-WY	Michael B. Enzi	Original	Feb 13, 2001
R-OH	Mike DeWine	Original	Feb 13, 2001
R-PA	Rick Santorum	Original	Feb 13, 2001
R-KS	Sam Brownback	Original	Feb 13, 2001
R-AR	Tim Hutchinson	Original	Feb 13, 2001
R-TN	William H. Frist	Original	Feb 13, 2001
D-GA	Zell Miller	Original	Feb 13, 2001
D-CA	Dianne Feinstein		Mar 6, 2001

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
Senate	Finance Committee	Referred Feb 13, 2001

Actions 2

Everything that happened, newest first.

Feb 13, 2001Introduced in Senate
Feb 13, 2001Read twice and referred to the Committee on Finance.

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Printed hearings 1

Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.

Number	Hearing	Committee	Held
S. Hrg. 107-90	U.S. ENERGY TRENDS124 pages	Energy and Natural Resources Committee	May 15, 2001–Jun 21, 2001

Titles 3

Every title it has carried, official and short, at each stage.

Official Title as Introduced: A bill to amend the Internal Revenue Code of 1986 to expand the use of education individual retirement accounts, and for other purposes.
Short Titles as Introduced: Coverdell Education Savings Accounts Act of 2001
Popular Titles: Education Savings Account bill

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

Feb 13, 2001Introduced in Senate

Support LegiList

This page is free, carries no paywall, and is built and maintained by one person. If the record here is useful to you, a few dollars keeps it going.

$1 $5 $10

Processed by Stripe in a separate window. LegiList never sees card details.

Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.