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529 account

A special tax-advantaged savings plan designed to encourage saving for future education expenses, which can include college tuition or certain vocational training.

Internal Revenue Code

The official set of laws and regulations in the United States that govern federal taxes.

Qualified business trade expenses

Specific costs for tools, equipment, or machinery used in certain skilled trade jobs, which this bill proposes to make eligible for tax-free payment through 529 accounts.

Depreciation

An accounting concept that describes how the value of a tangible asset, like equipment, decreases over its useful life due to wear and tear or obsolescence.

NAICS codes

North American Industry Classification System codes are standard numerical codes used by federal agencies to classify businesses and industries based on their primary activities.

Designated beneficiary

The specific person, often a child or grandchild, for whom a 529 account is set up and who will use the funds for their qualified education or trade expenses.