,,ii  #aac? ,,congress  #b;d ,session   
,s4 #bhib  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #ah1 #bjad   
,mr4 ,kirk 7= himself & ,mr4 ,vitt]7    
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to improve & exp& 
,cov]dell education sav+s acc\nts4  #a4 
,%ort title ,?is ,act may be cit$ z !   
#dja7,kids7 ,education ,sav+s ,acc\nt   
,act ( #bjad4  #b4 ,elim9ation (        
income-bas$ r$uction 9 p]mitt$          
contributions to ,cov]dell education    
sav+s acc\nts ,p>agraph 7#a7 ( section  
#ecj7;c7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by /rik+ to an acc\nt "u 
?is section & ins]t+ to an acc\nt "u ?is
 section 9 a taxable ye> beg9n+ be=e    
,janu>y #a1 #bjae14  #c4 ,increase 9    
annual contribution limitation =        
,cov]dell education sav+s acc\nts  7a7  
,9 g5]al ,clause 7iii7 ( section        
#ecj7;b77#a77;,a7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by /rik+ #b1jjj &

 ins]t+ ! doll> am\nt 9 effect "u       
section #bejc7;b7 7relat+ to exclusion f
 gifts7 = ! taxable ye>4  7b7 ,effective
 date ,! am5dm5t made by ?is section    
%all apply to contributions made 9      
taxable ye>s beg9n+ aft] ,decemb] #ca1  
#bjad4  #d4 ,all[ance ( home s*ool      
exp5ses z qualifi$ education exp5ses =  
purposes ( a ,cov]dell education sav+s  
acc\nt  7a7 ,9 g5]al ,p>agraph 7#c7 (   
section #ecj7;b7 ( ! ,int]nal ,rev5ue   
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new subp>agraph3  7,c7 ,private
 s*ool ,= purposes ( ?is section1 ! t]m 
private s*ool includes any home s*ool t 
meets ! requirem5ts ( ,/ate law         
applicable to su* home s*ools1 :e!r or n
 su* s*ool is deem$ a private s*ool =   
purposes ( ,/ate law4  4  7b7 ,effective
 date ,! am5dm5t made by ?is section    
%all apply to taxable ye>s beg9n+ aft]  
,decemb] #ca1 #bjad4  #e4  ,qualifi$    
di/ributions f a ,cov]dell education    
sav+s acc\nt = fir/ home pur*ases  7a7  
,9 g5]al  ,p>agraph 7#a7 ( section      

#ecj7;b7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by /rik+ qualifi$        
education exp5ses & ins]t+ qualifi$     
exp5ses4  7b7  ,qualifi$ exp5ses        
,subsection 7b7 ( section #ecj ( !      
,int]nal ,rev5ue ,code ( #aihf1 z am5d$ 
by ?is ,act1 is am5d$ by r$esignat+     
p>agraphs 7#b71 7#c71 & 7#d7 z p>agraphs
 7#d71 7#e71 & 7#f71 respectively1 & by 
ins]t+ aft] p>agraph 7#a7 ! foll[+ new  
p>agraphs3  7#b7  ,qualifi$ exp5ses  ,! 
t]m qualifi$ exp5ses means--  7,a7      
qualifi$ fir/-"t homebuy] exp5ses1 &    
7,b7 qualifi$ education exp5ses4  7#c7  
,qualifi$ fir/-"t homebuy] exp5ses  7,a7
  ,9 g5]al  ,! t]m qualifi$ fir/-"t     
homebuy] exp5ses means1 9 ! case ( a    
designat$ b5efici>y :o is a fir/-"t     
homebuy]1 ! qualifi$ acquisition co/s ) 
respect to a pr9cipal resid5ce ( su*    
b5efici>y4  7,b7  ,def9itions  ,! t]ms  
fir/-"t homebuy]1 qualifi$ acquisition  
co/s1 & pr9cipal resid5ce h ! same mean+
 z :5 us$ 9 section #gb7t77#h74  4  7c7 
,con=m+ am5dm5ts  7#a7 ,p>agraph        

7#d77;,a77ii7 ( section #ecj7;b7 ( !    
,int]nal ,rev5ue ,code ( #aihf1 z       
r$esignat$ by subsection 7b71 is am5d$  
by /rik+ z def9$ 9 p>agraph 7#c7 &      
ins]t+ z def9$ 9 p>agraph 7#e74  7#b7   
,subp>agraphs 7,a71 7,b71 & 7,d7 (      
section #ecj7;d77#a7 ( su* ,code are ea*
 am5d$ by /rik+ qualifi$ education      
exp5ses ea* place x appe>s & ins]t+     
qualifi$ exp5ses4  7#c7 ,! head+ (      
p>agraph 7#b7 ( section #ecj7;d7 ( su*  
,code is am5d$ by /rik+ education       
exp5ses & ins]t+ exp5ses4  7#d7 ,! head+
 ( p>agraph 7#d7 ( section #ecj7;d7 (   
su* ,code is am5d$ by /rik+ educational 
exp5ses & ins]t+ exp5ses4  7#e7         
,subclause 7,i7 ( section               
#ebi7;c77#c77;,b77vi7 ( su* ,code is    
am5d$ by /rik+ to :i* clauses 7i7 & 7ii7
 & section #ecj7;d77#b77;,a7 apply &    
ins]t+ = qualifi$ high] education       
exp5ses to :i* clauses 7i7 & 7ii7 apply 
& = qualifi$ education exp5ses to :i*   
section #ecj7;d77#b77;,a7 applies4  7#f7
 ,clause 7vi7 ( section                 

#ebi7;c77#c77;,b7 ( su* ,code is am5d$  
by /rik+ & section #ecj7;d77#b77;,a74 & 
ins]t+ & ! am\nt ( ! exclusion ) respect
 to qualifi$ education exp5ses "u       
section #ecj7;d77#b77;,a744  7d7        
,effective date  ,! am5dm5ts made by ?is
 section %all apply to di/ributions made
 9 taxable ye>s beg9n+ aft] ,decemb]    
#ca1 #bjad4  #f4  ,qualifi$ rollov]     
contributions f ,cov]dell education     
sav+s acc\nts to ,ro? ,i,r,as  7a7  ,9  
g5]al  ,p>agraph 7#e7 ( section #ecj7;d7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by ins]t+ 1 or into a ,ro? ,,ira (
 ! b5efici>y aft] z ( su* date4  7b7    
,con=m+ am5dm5t2 te*nical correction    
,p>agraph 7#a7 ( section #djh;,a7e7 ( ! 
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
to read z foll[s3  7#a7  ,9 g5]al  ,!   
t]m qualifi$ rollov] contribution means 
a rollov] contribution to a ,ro? ,,ira f
 ano!r su* acc\nt1 f an eligible        
retirem5t plan 7z def9$ 9 section       
#djb7;c77#h77;,b771 or f a ,cov]dell    
education sav+s acc\nt 7z def9$ 9       

section #ecj7;b77#a771 b only if--  7,a7
 su* rollov] contribution meets !       
requirem5ts ( section #djh7;d77#c71     
7,b7 9 ! case ( a rollov] contribution f
 an eligible retirem5t plan describ$ 9  
clause 7iii71 7iv71 7v71 or 7vi7 (      
section #djb7;c77#h77;,b71 su*          
contribution meets ! requirem5ts (      
section #djb7;c71 #djc7;b77#h71 or      
#deg7;e77#af71 :i*ev] is applicable1 &  
7,c7 9 ! case ( a rollov] contribution f
 a ,cov]dell education sav+s acc\nt1 su*
 contribution meets ! requirem5ts (     
section #ecj7;d77#e74  ,= purposes (    
section #djh7;d77#c77;,b71 !re %all be  
disreg>d$ any qualifi$ rollov]          
contribution f an individual retirem5t  
plan 7o!r ?an a ,ro? ,,ira7 to a ,ro?   
,,ira4  4  7c7  ,effective date  ,!     
am5dm5ts made by ?is section %all apply 
to rollov] contributions made 9 taxable 
ye>s beg9n+ aft] ,decemb] #ca1 #bjad4