As does the House version of the plan, the Senate proposal includes a definition of an unborn child and stipulates that they are eligible for a college savings account.

For the purposes of opening a 529 saving account, the text reads, "an unborn child means a child in utero, and the term child in utero means a member of the species homo sapiens, at any stage of development, who is carried in the womb."

Currently, even without a change to the tax code, parents can open 529 accounts in their own names before children are born and change the beneficiaries at a later time. There are no tax consequences for changing the beneficiary to another family member, according to the IRS.

Anti-abortion-rights groups had praised the similar House provision.