Fairness for the Trades Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 808 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 808

To amend the Internal Revenue Code of 1986 to permit qualified business 
trade expenses to be treated as qualified higher education expenses for 
                       purposes of 529 accounts.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 28, 2025

Ms. Perez (for herself and Mr. Edwards) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to permit qualified business 
trade expenses to be treated as qualified higher education expenses for 
                       purposes of 529 accounts.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fairness for the Trades Act''.

SEC. 2. QUALIFIED BUSINESS TRADE EXPENSES TREATED AS QUALIFIED HIGHER 
              EDUCATION EXPENSES FOR PURPOSES OF 529 ACCOUNTS.

    (a) In General.--Section 529(e)(3) of the Internal Revenue Code of 
1986 is amended by adding at the end the following new subparagraph:
                    ``(C) Qualified business trade expenses.--The term 
                `qualified higher education expenses' includes 
                qualified business trade expenses (as defined in 
                subsection (f)).''.
    (b) Qualified Business Trade Expenses.--Section 529 is amended by 
redesignating subsection (f) as subsection (g) and by inserting after 
subsection (e) the following new subsection:
    ``(f) Qualified Business Trade Expenses.--For purposes of this 
section--
            ``(1) In general.--The term `qualified post business trade 
        expenses' means amounts paid by the designated beneficiary for 
        specified business property used by the designated beneficiary 
        in a qualified trade field.
            ``(2) Specified business property.--The term `specified 
        business property' means tangible property (other than 
        buildings) which is of a character subject to the allowance for 
        depreciation.
            ``(3) Qualified trade field.--The term `qualified trade 
        field' means any field which is described by one of the 
        following National industry codes of the North American 
        Industry Classification System: 113110, 113210, 113310, 114111, 
        114112, 114119, 114210, 115310, 236115, 236116, 236117, 236118, 
        236210, 236220, 237110, 237120, 237130, 237210, 237310, 237990, 
        238110, 238120, 238130, 238140, 238150, 238160, 238170, 238190, 
        238210, 238220, 238290, 238310, 238320, 238330, 238340, 238350, 
        238390, 238910, 238990, 811111, 811114, 811198, 811210, 811310, 
        811411, 811412, 811420, 811430, or 811490.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to expenses paid in taxable years beginning after the date of the 
enactment of this Act.
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