H.R.5314 - 401Kids Family Savings Act of 2006109th Congress (2005-2006)
|Sponsor:||Rep. Shaw, E. Clay, Jr. [R-FL-22] (Introduced 05/09/2006)|
|Committees:||House - Ways and Means|
|Latest Action:||05/09/2006 Referred to the House Committee on Ways and Means.|
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Summary: H.R.5314 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (05/09/2006)
401Kids Family Savings Act of 2006 - Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to extend through 2015 provisions allowing increased annual contributions to Coverdell education savings accounts.
Amends the Internal Revenue Code to: (1) allow tax-free distributions from a Coverdell education savings account for first-time homebuyer expenses; (2) permit rollovers from Coverdell education savings accounts to Roth individual retirement accounts (Roth IRAs); and (3) rename Coverdell education savings accounts as 401Kids Savings Accounts.