What are 529 College Savings Plans?
A 529 plan is an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs. It is named after Section §529 of the Internal Revenue Code which created these types of savings plans in 1996.
529 Plans & Financial Aid explanation from Saving For College.com
Tax benefits of 529 Plans contributions are not deductible on your federal tax return, your investment grows tax-deferred, and distributions to pay for the beneficiary’s college costs come out federally tax-free.
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Internal Revenue Code §529 Qualified tuition programs
Tax Topic 310 — Coverdell Education Savings Accounts
IRS Tax Tip 2007-48 — Offset Education Costs