Deposit of Public Funds, Requirements (5555XD) - Treasurer of State

This bill amends Iowa's definition of "qualified education expenses" for state educational savings plans. It aligns the definition with specific sections of the federal Internal Revenue Code, explicitly including elementary and secondary school tuition, apprenticeship program costs (registered with the U.S. Labor Department), and qualified education loan payments. The change directly affects Iowa residents using the state's educational savings plans (like 529 plans) by expanding eligible expenses to cover more education-related costs under federal tax rules. The bill removes an outdated reference to a specific IRS amendment while ensuring state plan rules match current federal definitions.