| 1 | 1 | | I |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 808 |
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| 5 | 5 | | To amend the Internal Revenue Code of 1986 to permit qualified business |
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| 6 | 6 | | trade expenses to be treated as qualified higher education expenses for |
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| 7 | 7 | | purposes of 529 accounts. |
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| 8 | 8 | | IN THE HOUSE OF REPRESENTATIVES |
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| 9 | 9 | | JANUARY28, 2025 |
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| 10 | 10 | | Ms. P |
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| 11 | 11 | | EREZ(for herself and Mr. EDWARDS) introduced the following bill; |
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| 12 | 12 | | which was referred to the Committee on Ways and Means |
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| 13 | 13 | | A BILL |
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| 14 | 14 | | To amend the Internal Revenue Code of 1986 to permit |
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| 15 | 15 | | qualified business trade expenses to be treated as quali- |
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| 16 | 16 | | fied higher education expenses for purposes of 529 ac- |
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| 17 | 17 | | counts. |
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| 18 | 18 | | Be it enacted by the Senate and House of Representa-1 |
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| 19 | 19 | | tives of the United States of America in Congress assembled, 2 |
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| 20 | 20 | | SECTION 1. SHORT TITLE. 3 |
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| 21 | 21 | | This Act may be cited as the ‘‘Fairness for the 4 |
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| 22 | 22 | | Trades Act’’. 5 |
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| 23 | 23 | | VerDate Sep 11 2014 22:46 Feb 24, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H808.IH H808 |
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| 24 | 24 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 2 |
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| 25 | 25 | | •HR 808 IH |
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| 26 | 26 | | SEC. 2. QUALIFIED BUSINESS TRADE EXPENSES TREATED 1 |
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| 27 | 27 | | AS QUALIFIED HIGHER EDUCATION EX-2 |
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| 28 | 28 | | PENSES FOR PURPOSES OF 529 ACCOUNTS. 3 |
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| 29 | 29 | | (a) I |
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| 30 | 30 | | NGENERAL.—Section 529(e)(3) of the Internal 4 |
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| 31 | 31 | | Revenue Code of 1986 is amended by adding at the end 5 |
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| 32 | 32 | | the following new subparagraph: 6 |
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| 33 | 33 | | ‘‘(C) Q |
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| 34 | 34 | | UALIFIED BUSINESS TRADE EX -7 |
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| 35 | 35 | | PENSES.—The term ‘qualified higher education 8 |
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| 36 | 36 | | expenses’ includes qualified business trade ex-9 |
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| 37 | 37 | | penses (as defined in subsection (f)).’’. 10 |
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| 38 | 38 | | (b) Q |
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| 39 | 39 | | UALIFIEDBUSINESSTRADEEXPENSES.—Sec-11 |
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| 40 | 40 | | tion 529 is amended by redesignating subsection (f) as 12 |
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| 41 | 41 | | subsection (g) and by inserting after subsection (e) the 13 |
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| 42 | 42 | | following new subsection: 14 |
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| 43 | 43 | | ‘‘(f) Q |
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| 44 | 44 | | UALIFIEDBUSINESSTRADEEXPENSES.—For 15 |
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| 45 | 45 | | purposes of this section— 16 |
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| 46 | 46 | | ‘‘(1) I |
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| 47 | 47 | | N GENERAL.—The term ‘qualified post 17 |
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| 48 | 48 | | business trade expenses’ means amounts paid by the 18 |
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| 49 | 49 | | designated beneficiary for specified business prop-19 |
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| 50 | 50 | | erty used by the designated beneficiary in a qualified 20 |
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| 51 | 51 | | trade field. 21 |
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| 52 | 52 | | ‘‘(2) S |
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| 53 | 53 | | PECIFIED BUSINESS PROPERTY .—The 22 |
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| 54 | 54 | | term ‘specified business property’ means tangible 23 |
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| 55 | 55 | | property (other than buildings) which is of a char-24 |
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| 56 | 56 | | acter subject to the allowance for depreciation. 25 |
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| 57 | 57 | | VerDate Sep 11 2014 22:46 Feb 24, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H808.IH H808 |
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| 58 | 58 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 3 |
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| 59 | 59 | | •HR 808 IH |
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| 60 | 60 | | ‘‘(3) QUALIFIED TRADE FIELD .—The term 1 |
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| 61 | 61 | | ‘qualified trade field’ means any field which is de-2 |
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| 62 | 62 | | scribed by one of the following National industry 3 |
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| 63 | 63 | | codes of the North American Industry Classification 4 |
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| 64 | 64 | | System: 113110, 113210, 113310, 114111, 114112, 5 |
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| 65 | 65 | | 114119, 114210, 115310, 236115, 236116, 236117, 6 |
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| 66 | 66 | | 236118, 236210, 236220, 237110, 237120, 237130, 7 |
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| 67 | 67 | | 237210, 237310, 237990, 238110, 238120, 238130, 8 |
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| 68 | 68 | | 238140, 238150, 238160, 238170, 238190, 238210, 9 |
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| 69 | 69 | | 238220, 238290, 238310, 238320, 238330, 238340, 10 |
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| 70 | 70 | | 238350, 238390, 238910, 238990, 811111, 811114, 11 |
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| 71 | 71 | | 811198, 811210, 811310, 811411, 811412, 811420, 12 |
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| 72 | 72 | | 811430, or 811490.’’. 13 |
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| 73 | 73 | | (c) E |
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| 74 | 74 | | FFECTIVEDATE.—The amendments made by 14 |
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| 75 | 75 | | this section shall apply to expenses paid in taxable years 15 |
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| 76 | 76 | | beginning after the date of the enactment of this Act. 16 |
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| 77 | 77 | | Æ |
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| 78 | 78 | | VerDate Sep 11 2014 22:46 Feb 24, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H808.IH H808 |
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| 79 | 79 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB |
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