A bill to amend the Internal Revenue Code of 1986 to increase the contribution limit for Coverdell education savings accounts from $2,000 to $5,000, and for other purposes.
Allocating for Children's Education Act or the ACE Act
Amends the Internal Revenue Code, with respect to Coverdale education savings accounts, to: (1) increase from $2,000 to $5,000 the maximum allowable contribution to such accounts in a taxable year, and (2) allow distributions from such accounts for the purchase of athletic equipment at elementary and secondary schools.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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