Summary

Renames Coverdell education savings accounts in the tax code to "Coverdell lifelong learning accounts," updates related headings and cross‑references, and treats existing accounts opened before January 1, 2026 as if already designated with the new name. It also expands the list of qualified tax‑favored distributions to include certain "qualified educational or skill development expenses," broadening the kinds of training and learning costs that can be paid from these accounts without changing contribution limits or basic account rules.

• Renames "Coverdell education savings accounts" across the Internal Revenue Code to "Coverdell lifelong learning accounts."
• Treats Coverdell accounts opened before Jan 1, 2026 as if already designated under the new name.
• Expands the statutory definition of "qualified education expenses" to include certain "qualified educational or skill development expenses."
• Most amendments are nomenclature/conforming and do not change core eligibility, contribution, or tax rules, except for the expanded expense category.
• Affected tax code provisions and headings are updated to reflect the new account name and cross‑references.
• Requires administrative updates by account custodians, financial institutions, tax preparers, and IRS guidance to implement the new name and permissible expenses.
• Aims to broaden use of tax‑favored savings for workforce training and non‑degree skill development without creating new spending programs.