H.R. 808
119th CONGRESS 1st Session
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 · Sponsor: Ms. Perez · Committee: Committee on Ways and Means
Table of contents
SEC. 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
- of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: Section 529(e)(3)
- (C) Qualified business trade expenses
- The term includes qualified business trade expenses (as defined in subsection (f)).
qualified higher education expenses
- The term includes qualified business trade expenses (as defined in subsection (f)).
- (C) Qualified business trade expenses
- of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: Section 529(e)(3)
- (b) Qualified business trade expenses
- (f) Qualified business trade expenses
- For purposes of this section—
- (1) In general
- The term means amounts paid by the designated beneficiary for specified business property used by the designated beneficiary in a qualified trade field.
qualified post business trade expenses
- The term 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 means tangible property (other than buildings) which is of a character subject to the allowance for depreciation.
specified business property
- The term means tangible property (other than buildings) which is of a character subject to the allowance for depreciation.
- (3) Qualified trade field
- The term 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.
qualified trade field
- The term 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.
- 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
- (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.