INDIANAPOLIS (WISH) — Wednesday is National 529 Plan Day.

A 529 plan is an investment plan parents can use to save money for their children’s future education expenses.

Indiana’s CollegeChoice 529 Savings Plans recently re-branded and is now called Indiana529. State officials say the new name and updated look reflect the expansion of 529 plans to provide more opportunities for families.

State Treasurer Daniel Elliott joined Daybreak on Wednesday to speak on the rebranding.

“Originally, people thought of it as strictly a college program – saving for college. That’s why the original name, College Choice 529 was utilized. But we decided we want to rebrand this because it has expanded. Indiana 529 actually allows you to save – not just for college – but apprenticeships, trade school, room and board. Anything that helps you in that journey for higher education,” Elliott said.

According to the Indiana Treasurer’s Office, the Indiana529 is a state-sponsored investment plan. It offers a simple and tax-smart way to save for children’s (or grandchildren’s) future education expenses. For every dollar people invest, savings grow tax-free. They can be used for qualified expenses such as tuition, fees, and equipment at eligible schools across the country, including two- and four-year colleges, tech and trade schools, graduate schools, and registered apprenticeship programs.

Indiana taxpayers may also be eligible for a generous state income tax credit of 20% of contributions to an Indiana529 account, up to $1,500 ($750 for married couples filing separately) annually. The Treasurer’s Office says people don’t have to own the account to receive the credit. This makes gifting to an Indiana529 account very attractive to family and friends who want to support a child’s dreams.

“That’s actually one of the best parts about our program. Indiana has a $1,500 yearly tax benefit. This is the best in the country. And this means that if you’re an Indiana resident, there’s not a better tool out there for saving for your child’s future,” Elliott said.

For $10 people can open an indiana529 account on the state’s website, here. For more information, call 1-866-485-9415.

“There’s this beautiful concept called compound interest and the sooner you save, the sooner you start, the more benefit that accrues,” Elliott said.