(A). . (c) Modification of rules relating to age restrictions and contributions (1) $10,000 account limit after age 30 (A) In general Subparagraph (E) of section 530(b)(1) of the Internal Revenue Code of 1986 is amended by inserting in excess of $10,000 after any balance to the credit of the designated beneficiary . (B) Contribution limit Paragraph (1) of section 530(b)(1) of such Code is amended by striking or at the end of clause (ii), by striking the period at the end of clause (iii) and inserting , or , and by adding at the end the following new clause: (iv) in the case of a beneficiary who is over the age of 30, if such contribution would result in the balance of the account exceeding $10,000. . (2) Increased age limit for contributions Clause (ii) of section 530(b)(1)(A) of the Internal Revenue Code of 1986 is amended by striking age 18 and inserting age 70 . (3) Increased contribution limitation for individuals over age 30 (A) In general Section 530(b)(1)(A)(iii) of the Internal Revenue Code of 1986 is amended by inserting ($4,000 in the case of an account the designated beneficiary of which has attained age of 30 before the end of the taxable year) after $2,000 . (B) Conforming amendment Section 4973(e)(1)(A) of such Code is amended by striking $2,000 and inserting the limitation applicable under section 530(b)(1)(A)(iii) . (4) No change in beneficiary after age 30 Paragraph (6) of section 530(d) of the Internal Revenue Code of 1986 is amended by striking shall not be treated as a distribution for purposes of paragraph (1) if the new beneficiary and inserting shall not be treated as a distribution for purposes of paragraph (1) if— (A) the old beneficiary has not attained age 30 before the date of the change in beneficiary, and (B) the new beneficiary . (d) Credit for employer contributions (1) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45T. Employee educational skills and development expenses