A bill to amend the Internal Revenue Code of 1954 to allow deductions from gross income for contributions not in excess of $3,000 for any calendar year to an education savings account established to accumulate savings to pay the elementary, secondary, and post-secondary education expenses of any individual, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow an income tax deduction for contributions made to a savings account established to pay the elementary, secondary, and post-secondary education expenses of any individual. Limits to $3,000 the maximum dollar amount allowable per year for such an account. Requires the allocation of such maximum amount in the case of more than one contributor to an account. Provides for annual cost-of-living adjustments to such maximum amount. Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Permits the deferral of income tax on income accumulated in such educational savings accounts as long as such amounts are used exclusively for educational expenses (tuition, fees, supplies, meals, and lodging). Provides that distributions from such accounts used to pay the beneficiary's educational expenses shall be included in the beneficiary's income over a ten-year period beginning in the year in which the individual attains the age of 27. Requires that the balance of any funds remaining in such an account when the beneficiary attains the age of 27 shall be distributed among the contributor…