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S. 1135 (is) To amend the Communications Act of 1934 to provide that the lowest unit rate for campaign advertising shall not be available for communications in which a candidate attacks an opponent of the candidate unless the candidate does so in person....


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                                                       Calendar No. 124

106th CONGRESS

  1st Session

                                S. 1134

                          [Report No. 106-54]

_______________________________________________________________________

                                 A BILL

     To amend the Internal Revenue Code of 1986 to allow tax-free 
    expenditures from education individual retirement accounts for 
   elementary and secondary school expenses, to increase the maximum 
    annual amount of contributions to such accounts, and for other 
                               purposes.

_______________________________________________________________________

                              May 26, 1999

                 Read twice and placed on the calendar





                                                       Calendar No. 124
106th CONGRESS
  1st Session
                                S. 1134

                          [Report No. 106-54]

     To amend the Internal Revenue Code of 1986 to allow tax-free 
    expenditures from education individual retirement accounts for 
   elementary and secondary school expenses, to increase the maximum 
    annual amount of contributions to such accounts, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 26, 1999

    Mr. Roth, from the Committee on Finance, reported the following 
     original bill; which was read twice and placed on the calendar

_______________________________________________________________________

                                 A BILL


 
     To amend the Internal Revenue Code of 1986 to allow tax-free 
    expenditures from education individual retirement accounts for 
   elementary and secondary school expenses, to increase the maximum 
    annual amount of contributions to such accounts, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Affordable 
Education Act of 1999''.
    (b) Amendment of 1986 Code.--Except as otherwise expressly 
provided, whenever in this Act an amendment or repeal is expressed in 
terms of an amendment to, or repeal of, a section or other provision, 
the reference shall be considered to be made to a section or other 
provision of the Internal Revenue Code of 1986.
    (c) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; amendment of 1986 Code; table of contents.
                 TITLE I--EDUCATION SAVINGS INCENTIVES

Sec. 101. Modifications to education individual retirement accounts.
Sec. 102. Modifications to qualified tuition programs.
                    TITLE II--EDUCATIONAL ASSISTANCE

Sec. 201. Extension of exclusion for employer-provided educational 
                            assistance.
Sec. 202. Elimination of 60-month limit on student loan interest 
                            deduction.
Sec. 203. Exclusion of certain amounts received under the National 
                            Public Health Service Corps Scholarship 
                            Program and the F. Edward Hebert Armed 
                            Forces Health Professions Scholarship and 
                            Financial Assistance Program.
  TITLE III--LIBERALIZATION OF TAX-EXEMPT FINANCING RULES FOR PUBLIC 
                          SCHOOL CONSTRUCTION

Sec. 301. Additional increase in arbitrage rebate exception for 
                            governmental bonds used to finance 
                            educational facilities.
Sec. 302. Treatment of qualified public educational facility bonds as 
                            exempt facility bonds.
Sec. 303. Federal guarantee of school construction bonds by Federal 
                            Housing Finance Board.
                      TITLE IV--REVENUE PROVISIONS

Sec. 401. Modification to foreign tax credit carryback and carryover 
                            periods.
Sec. 402. Limitation on use of non-accrual experience method of 
                            accounting.
Sec. 403. Returns relating to cancellations of indebtedness by 
                            organizations lending money.
Sec. 404. Extension of Internal Revenue Service user fees.
Sec. 405. Property subject to a liability treated in same manner as 
                            assumption of liability.
Sec. 406. Charitable split-dollar life insurance, annuity, and 
                            endowment contracts.
Sec. 407. Transfer of excess defined benefit plan assets for retiree 
                            health benefits.
Sec. 408. Limitations on welfare benefit funds of 10 or more employer 
                            plans.
Sec. 409. Modification of installment method and repeal of installment 
                            method for accrual method taxpayers.
Sec. 410. Inclusion of certain vaccines against streptococcus 
                            pneumoniae to list of taxable vaccines.

                 TITLE I--EDUCATION SAVINGS INCENTIVES

SEC. 101. MODIFICATIONS TO EDUCATION INDIVIDUAL RETIREMENT ACCOUNTS.

    (a) Maximum Annual Contributions.--
            (1) In general.--Section 530(b)(1)(A)(iii) (defining 
        education individual retirement account) is amended by striking 
        ``$500'' and inserting ``the contribution limit for such 
        taxable year''.
            (2) Contribution limit.--Section 530(b) (relating to 
        definitions and special rules) is amended by adding at the end 
        the following new paragraph:
            ``(4) Contribution limit.--The term `contribution limit' 
        means $500 ($2,000 in the case of any taxable year beginning 
        after December 31, 1999, and ending before January 1, 2004).''
            (3) Conforming amendment.--Section 4973(e)(1)(A) is amended 
        by striking ``$500'' and inserting ``the contribution limit (as 
        defined in section 530(b)(4)) for such taxable year''.
    (b) Tax-Free Expenditures for Elementary and Secondary School 
Expenses.--
            (1) In general.--Section 530(b)(2) (defining qualified 
        higher education expenses) is amended to read as follows:
            ``(2) Qualified education expenses.--
                    ``(A) In general.--The term `qualified education 
                expenses' means--
                            ``(i) qualified higher education expenses 
                        (as defined in section 529(e)(3)), and
                            ``(ii) qualified elementary and secondary 
                        education expenses (as defined in paragraph 
                        (5)).
                Such expenses shall be reduced as provided in section 
                25A(g)(2).
                    ``(B) Qualified state tuition programs.--Such term 
                shall include any contribution to a qualified State 
                tuition program (as defined in section 529(b)) on 
                behalf of the designated beneficiary (as defined in 
                section 529(e)(1)); but there shall be no increase in 
                the investment in the contract for purposes of applying 
                section 72 by reason of any portion of such 
                contribution which is not includible in gross income by 
                reason of subsection (d)(2).''
            (2) Qualified elementary and secondary education 
        expenses.--Section 530(b) (relating to definitions and special 
        rules), as amended by subsection (a)(2), is amended by adding 
        at the end the following new paragraph:
            ``(5) Qualified elementary and secondary education 
        expenses.--
                    ``(A) In general.--The term `qualified elementary 
                and secondary education expenses' means--
                            ``(i) expenses for tuition, fees, academic 
                        tutoring, special needs services, books, 
                        supplies, computer equipment (including related 
                        software and services), and other equipment 
                        which are incurred in connection with the 
                        enrollment or attendance of the designated 
                        beneficiary of the trust as an elementary or 
                        secondary school student at a public, private, 
                        or religious school, and
                            ``(ii) expenses for room and board, 
                        uniforms, transportation, and supplementary 
                        items and services (including extended day 
                        programs) which are required or provided by a 
                        public, private, or religious school in 
                        connection with such enrollment or attendance.
                    ``(B) Special rule for homeschooling.--Such term 
                shall include expenses described in subparagraph (A)(i) 
                in connection with education provided by homeschooling 
                if the requirements of any applicable State or local 
                law are met with respect to such education.
                    ``(C) School.--The term `school' means any school 
                which provides elementary education or secondary 
                education (kindergarten through grade 12), as 
                determined under State law.''
            (3) Special rules for applying exclusion to elementary and 
        secondary expenses.--Section 530(d)(2) (relating to 
        distributions for qualified higher education expenses) is 
        amended by adding at the end the following new subparagraph:
                    ``(E) Special rules for elementary and secondary 
                expenses.--
                            ``(i) In general.--The aggregate amount of 
                        qualified elementary and secondary education 
                        expenses taken into account for purposes of 
                        this paragraph with respect to any education 
                        individual retirement account for all taxable 
                        years shall not exceed the sum of the aggregate 
                        contributions to such account for taxable years 
                        beginning after December 31, 1999, and before 
                        January 1, 2004, and earnings on such 
                        contributions.
                            ``(ii) Special operating rules.--For 
                        purposes of clause (i)--
                                    ``(I) the trustee of an education 
                                individual retirement account shall 
                                keep separate accounts with respect to 
                                contributions and earnings described in 
                                clause (i), and
                                    ``(II) if there are distributions 
                                in excess of qualified elementary and 
                                secondary education expenses for any 
                                taxable year, such excess distributions 
                                shall be allocated first to 
                                contributions and earnings not 
                                described in clause (i).''
            (4) Conforming amendments.--Section 530 is amended--
                    (A) by striking ``higher'' each place it appears in 
                subsections (b)(1) and (d)(2), and
                    (B) by striking ``higher'' in the heading for 
                subsection (d)(2).
    (c) Waiver of Age Limitations for Children With Special Needs.--
Section 530(b)(1) (defining education individual retirement account) is 
amended by adding at the end the following flush sentence:
        ``The age limitations in the preceding sentence and paragraphs 
        (5) and (6) of subsection (d) shall not apply to any designated 
        beneficiary with special needs (as determined under regulations 
        prescribed by the Secretary).''
    (d) Entities Permitted To Contribute to Accounts.--Section 
530(c)(1) (relating to reduction in permitted contributions based on 
adjusted gross income) is amended by striking ``The maximum amount 
which a contributor'' and inserting ``In the case of a contributor who 
is an individual, the maximum amount the contributor''.
    (e) Time When Contributions Deemed Made.--
            (1) In general.--Section 530(b) (relating to definitions 
        and special rules), as amended by subsection (b)(2), is amended 
        by adding at the end the following new paragraph:
            ``(6) Time when contributions deemed made.--An individual 
        shall be deemed to have made a contribution to an education 
        individual retirement account on the last day of the preceding 
        taxable year if the contribution is made on account of such 
        taxable year and is made not later than the time prescribed by 
        law for filing the return for such taxable year (not including 
        extensions thereof).''
            (2) Extension of time to return excess contributions.--
        Subparagraph (C) of section 530(d)(4) (relating to additional 
        tax for distributions not used for educational expenses) is 
        amended--
                    (A) by striking clause (i) and inserting the 
                following new clause:
                            ``(i) such distribution is made before the 
                        1st day of the 6th month of the taxable year 
                        following the taxable year, and'', and
                    (B) by striking ``due date of return'' in the 
                heading and inserting ``june''.
    (f) Coordination With Hope and Lifetime Learning Credits and 
Qualified Tuition Programs.--
            (1) In general.--Section 530(d)(2)(C) is amended to read as 
        follows:
                    ``(C) Coordination with hope and lifetime learning 
                credits and qualified tuition programs.--
                            ``(i) Credit coordination.--
                                    ``(I) In general.--Except as 
                                provided in subclause (II), 
                                subparagraph (A) shall not apply for 
                                any taxable year to any qualified 
                                higher education expenses with respect 
                                to any individual if a credit is 
                                allowed under section 25A with respect 
                                to such expenses for such taxable year.
                                    ``(II) Special coordination rule.--
                                In the case of any taxable year 
                                beginning after December 31, 1999, and 
                                before January 1, 2004, subclause (I) 
                                shall not apply, but the total amount 
                                of qualified higher education expenses 
                                otherwise taken into account under 
                                subparagraph (A) with respect to an 
                                individual for such taxable year shall 
                                be reduced (after the application of 
                                the reduction provided in section 
                                25A(g)(2)) by the amount of such 
                                expenses which were taken into account 

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