,,ii ,cal5d> ,no4 #ig #aad? ,,congress #a/ ,session ,s4 #cce ,report ,no4 #aad-ef ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,febru>y #b1 #bjae,mr4 ,grassley 7= himself1 ,mr4 ,casey1 ,mr4 ,burr1 ,mr4 ,w>n]1 ,mr4 ,rob]ts1 ,mr4 ,c>d91 ,mr4 ,scott1 ,ms4 ,ayotte1 ,mr4 ,isakson1 ,mr4 ,mc,connell1 ,ms4 ,coll9s1 ,mr4 ,s*um]1 ,mrs4 ,fis*]1 ,mr4 ,g>dn]1 ,mr4 ,moran1 ,mr4 ,wick]1 ,mr4 ,k+1 ,mr4 ,portman1 ,mr4 ,toomey1 & ,ms4 ,murk[ski7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,may #ba1 #bjae,report$ by ,mr4 ,hat*1 ) an amendment,strike out all aft] ! enact+ clause & ins]t ! "p pr9t$ 9 italic ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to improve #ebi plans4 #a4 ,comput] te*nology & equipm5t all[$ z a qualifi$ high] education exp5se = section #ebi acc\nts 7a7 ,made p]man5t ,clause 7iii7 ( section #ebi7;e77#c77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ 9 #bjji or #bjaj4 7b7 ,only = use prim>ily by ! b5efici>y ,clause 7iii7 ( section #ebi7;e77#c77;,a7 ( su* ,code is am5d$ by /rik+ us$ by ! b5efici>y & ! b5efici>y's family & ins]t+ us$ prim>ily by ! b5efici>y4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to exp5ses paid or incurr$ aft] ,decemb] #ca1 #bjad4 #b4 ,elim9ation ( di/ribution aggregation requirem5ts 7a7 ,9 g5]al ,clause 7ii7 ( section #ebi7;c77#c77;,d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ be=e ! comma at ! end ! foll[+3 1 except = purposes ( calculat+ ! e>n+s portion ( any di/ribution44 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to di/ributions aft] ,decemb] #ca1 #bjad4 #c4 ,contribution ( am\nts previ\sly di/ribut$ 9 case ( )drawal f s*ool 7a7 ,9 g5]al ,p>agraph 7#c7 ( section #ebi7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,e7 ,special rule = contributions relat+ to )drawal f s*ool ,9 ! case ( a b5efici>y :o receives a refund ( any qualifi$ high] education exp5ses f an eligible educational in/itution 9 connection ) )drawal f enrollm5t at su* in/itution1 subp>agraph 7,a7 %all n apply to t portion ( any di/ribution = ! taxable ye> :i* is recontribut$ to a qualifi$ tuition program ( :i* su* individual is a b5efici>y1 b only to ! ext5t su* recontribution is made n lat] ?an #fj days aft] ! date ( su* refund & does n exce$ ! refund$ am\nt4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply ) respect to di/ributions aft] ,decemb] #ca1 #bjad4 #a4 ,f9d+s & purpose 7a7 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,:5 ! ,economic ,gr[? & ,tax ,relief ,reconciliation ,act ( #bjja became law1 ! tax treatm5t ( section #ebi college sav+s plans 0 *ang$ s t qualifi$ di/ributions 7 no long] tax$ z income4 ,! favorable tax treatm5t ( college sav+s plans 0 made p]man5t ) ! passage ( ! ,p5sion ,protection ,act ( #bjjf4 7#b7 ,section #ebi college sav+s plans emp[] middle-class families to accumulate sav+s to (fset ! ris+ co/s ( att5d+ college4 7#c7 ,! late/ data f ! ,college ,sav+s ,plan ,network %[s t !re are #aa4hc million #ebi acc\nts op5 ?r\gh\t all #ej /ates1 :i* repres5t #bdd4e billion 9 total assets4 ,! av]age #ebi acc\nt size is #bj1fga4 7#d7 ,/ates t sponsor #ebi college sav+s plans h tak5 /eps to ensure ^! plans are a tool t all families c use to save = college1 includ+ sett+ m9imum contributions z l[ z #be p] mon? to enc\rage p>ticipation by families ( all income levels4 7#e7 ,! ,presid5t's fiscal ye> #bjaf ,budget proposes rais+ taxes by tax+ c]ta9 future di/ributions made f #ebi college sav+s plans4 7#f7 ,! tax propos$ by ! ,presid5t w\ld disc\rage ! use ( #ebi college sav+s plans1 requir+ families & /ud5ts to take on m debt4 7#g7 ,pur*ase ( a comput] repres5ts a significant high] education exp5se & !re=e %\ld be eligible = qualifi$ di/ributions "u #ebi college sav+s plans4 7b7 ,purpose ,x is ! purpose ( ?is ,act to-- 7#a7 enact policies t /r5g!n #ebi college sav+s plans2 & 7#b7 make #ebi plans m mod]n1 consum]-fri5dly1 & responsive to ! realities fac$ by /ud5ts today4 #b4 ,comput] te*nology & equipm5t p]man5tly all[$ z a qualifi$ high] education exp5se = section #ebi acc\nts 7a7 ,9 g5]al ,section #ebi7;e77#c77;,a77iii7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7iii7 exp5ses = ! pur*ase ( comput] or p]iph]al equipm5t 7z def9$ 9 section #afh7;i77#b77;,b771 comput] s(tw>e 7z def9$ 9 section #aig7;e77#c77;,b771 or ,int]net access & relat$ s]vices1 if su* equipm5t1 s(tw>e1 or s]vices are to be us$ prim>ily by ! b5efici>y dur+ any ( ! ye>s ! b5efici>y is enroll$ at an eligible educational in/itution4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjad4 #c4 ,elim9ation ( di/ribution aggregation requirem5ts 7a7 ,9 g5]al ,section #ebi7;c77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ subp>agraph 7,d74 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to di/ributions aft] ,decemb] #ca1 #bjad4 #d4 ,recontribution ( refund$ am\nts 7a7 ,9 g5]al ,section #ebi7;c77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by section #c1 is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,d7 ,special rule = contributions ( refund$ am\nts ,9 ! case ( a b5efici>y :o receives a refund ( any qualifi$ high] education exp5ses f an eligible educational in/itution1 subp>agraph 7,a7 %all n apply to t portion ( any di/ribution = ! taxable ye> :i* is recontribut$ to a qualifi$ tuition program ( :i* su* individual is a b5efici>y1 b only to ! ext5t su* recontribution is made n lat] ?an #fj days aft] ! date ( su* refund & does n exce$ ! refund$ am\nt4 4 7b7 ,effective date 7#a7 ,9 g5]al ,! am5dm5t made by ?is section %all apply ) respect to refunds ( qualifi$ high] education exp5ses aft] ,decemb] #ca1 #bjad4 7#b7 ,transition rule ,9 ! case ( a refund ( qualifi$ high] education exp5ses receiv$ aft] ,decemb] #ca1 #bjad1 & be=e ! date ( ! enactm5t ( ?is ,act1 section #ebi7;c77#c77;,d7 ( ! ,int]nal ,rev5ue ,code ( #aihf 7z add$ by ?is section7 %all be appli$ by sub/itut+ n lat] ?an #fj days aft] ! date ( ! enactm5t ( ?is subp>agraph = n lat] ?an #fj days aft] ! date ( su* refund4 ,may #ba1 #bjae,report$ ) an am5dm5t