,,ii  #aagth ,,congress  #b;d ,session  
,s4 #dbfe  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #ai       
7legislative day1 ,may #ag71 #bjbb,mr4  
,kennedy introduced the following bill2 
which was read twice and referred to the
 ,committee on ,finance  ,a ,,bill  ,to 
amend the ,internal ,revenue ,code of   
#aihf to increase and provide an        
inflation adjustment for the limitation 
on distributions from qualified tuition 
programs that may be used for elementary
 and secondary tuition4  #a4 ,short     
title ,this ,act may be cited as the    
,inflation-,adjusted ,education         
,investment ,act4  #b4 ,increase on     
limitation on expenses used for         
elementary and secondary tuition  7a7   
,in general ,the last sentence of       
section #ebi7;e77#c77;,a7 of the        
,internal ,revenue ,code of #aihf is    
amended by striking #aj1jjj and         
inserting #ab1jjj4  7b7 ,inflation      
adjustment ,section #ebi7;e77#c7 of the 
,internal ,revenue ,code of #aihf is    

amended by adding at the end the        
following new subparagraph3  7,c7       
,inflation adjustment  7i7 ,in general  
,in the case of any taxable year        
beginning in a calendar year after      
#bjbb1 the #ab1jjj amount in            
subparagraph 7,a7 shall be increased by 
an amount equal to-- 7,i7 such dollar   
amount1 multiplied by  7,,ii7 the       
cost-of-living adjustment determined    
under section #a7;f77#c7 for the        
calendar year in which the taxable year 
begins1 determined by substituting      
calendar year #bjba for calendar year   
#bjaf in subparagraph 7,a77ii7 thereof4 
7ii7 ,rounding ,any increase determined 
under clause 7i7 shall be rounded to the
 nearest multiple of #ejj4  4  7c7      
,effective date ,the amendments made by 
this section shall apply to taxable     
years beginning after ,december #ca1    
#bjba4