Sec. 3. Increased limitation on contributions to Coverdell education savings accounts
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Section 530(b)(1)(A)(iii) of the Internal Revenue Code of 1986 is amended by striking $2,000 and inserting $12,000 . Section 530 of such Code is amended by adding at the end the following new subsection: In the case of any taxable year beginning after 2014, the $12,000 amount contained in subsection (b)(1)(A)(iii) shall be increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2014 for calender year 1992 in subparagraph
(B)thereof. Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $100. . The amendments made by this section shall apply to taxable years beginning after December 31, 2016.