Summary: H.R.5314 — 109th Congress (2005-2006)All Information (Except Text)

There is one summary for H.R.5314. Bill summaries are authored by CRS.

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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.