Section 529 of the Internal Revenue Code created the plan much like Section 401(k) created individual retirement accounts.

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The so-called bonus depreciation rules are available under Section 168(k) of the IRS code, and typically apply to qualified property with no limits.

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In 1978, Congress amended the Internal Revenue Code by adding section 401(k), whereby employees are not taxed on income they choose to receive as deferred compensation rather than direct compensation.

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