; and (3) is not inadmissible to the United States based on any of the factors set forth in section 212(a) of the Immigration and Nationality Act ( 8 U.S.C. 1182(a) ). 504. Economic Freedom Zone educational savings accounts (a) In general Part VIII of subchapter F of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 530A. Economic Freedom Zone educational savings accounts (a) In general Except as provided in this section, an Economic Freedom Zone educational savings account shall be treated for purposes of this title in the same manner as a Coverdell education savings account. (b) Definitions For purposes of this section— (1) Economic freedom zone educational savings account The term Economic Freedom Zone educational savings account means a trust created or organized in the United States exclusively for the purpose of paying the qualified education expenses (as defined in section 530(b)(2)) of an individual who is the designated beneficiary of the trust (and designated as an Economic Freedom Zone educational saving account at the time created or organized) and who is a qualified individual at the time such trust is established, but only if the written governing instrument creating the trust meets the following requirements: (A) No contribution will be accepted— (i) unless it is in cash, (ii) after the date on which such beneficiary attains age 25, or (iii) except in the case of rollover contributions, if such contribution would result in aggregate contributions for the taxable year exceeding $10,000. (B) No contribution shall be accepted at any time in which the designated beneficiary is not a qualified individual. (C) The trust meets the requirements of subparagraphs (B), (C), (D), and (E) of section 530(b)(1). The age limitations in subparagraph (A)(ii), subparagraph (E) of section 530(b)(1), and paragraphs (5) and (6) of section 530(d), shall not apply to any designated beneficiary with special needs (as determined under regulations prescribed by the