Renames and restructures section 530 to replace references to 'Coverdell education savings account(s)' with 'Coverdell lifelong learning account(s)'; expands the definition of eligible expenses to include defined qualified educational or skill development expenses (including certain WIOA training/career/youth activities, Perkins career and technical education activities, and Adult Education and Family Literacy Act activities, plus related transportation, testing, and specified technology expenses); modifies age- and contribution-related provisions (adds $10,000 account-balance limit rule for beneficiaries over age 30, increases the age-after-which contributions generally cannot be made from 18 to 70, and other related text changes); and makes conforming and related textual edits described in the section.

Adds a new section (45BB) creating the 'employee educational skills and development contribution' credit: a tax credit equal to 25 percent of nonelective employer contributions made to a Coverdell lifelong learning account for which the designated beneficiary is an employee of the taxpayer. The new section includes definitions (employee exclusions and inclusion of leased employees), a definition of 'nonelective contribution', and aggregation and other rules applying certain rules similar to section 52.