I
119THCONGRESS
1
STSESSION 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
JANUARY28, 2025
Ms. P
EREZ(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 quali-
fied higher education expenses for purposes of 529 ac-
counts.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Fairness for the 4
Trades Act’’. 5
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SEC. 2. QUALIFIED BUSINESS TRADE EXPENSES TREATED 1
AS QUALIFIED HIGHER EDUCATION EX-2
PENSES FOR PURPOSES OF 529 ACCOUNTS. 3
(a) I
NGENERAL.—Section 529(e)(3) of the Internal 4
Revenue Code of 1986 is amended by adding at the end 5
the following new subparagraph: 6
‘‘(C) Q
UALIFIED BUSINESS TRADE EX -7
PENSES.—The term ‘qualified higher education 8
expenses’ includes qualified business trade ex-9
penses (as defined in subsection (f)).’’. 10
(b) Q
UALIFIEDBUSINESSTRADEEXPENSES.—Sec-11
tion 529 is amended by redesignating subsection (f) as 12
subsection (g) and by inserting after subsection (e) the 13
following new subsection: 14
‘‘(f) Q
UALIFIEDBUSINESSTRADEEXPENSES.—For 15
purposes of this section— 16
‘‘(1) I
N GENERAL.—The term ‘qualified post 17
business trade expenses’ means amounts paid by the 18
designated beneficiary for specified business prop-19
erty used by the designated beneficiary in a qualified 20
trade field. 21
‘‘(2) S
PECIFIED BUSINESS PROPERTY .—The 22
term ‘specified business property’ means tangible 23
property (other than buildings) which is of a char-24
acter subject to the allowance for depreciation. 25
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‘‘(3) QUALIFIED TRADE FIELD .—The term 1
‘qualified trade field’ means any field which is de-2
scribed by one of the following National industry 3
codes of the North American Industry Classification 4
System: 113110, 113210, 113310, 114111, 114112, 5
114119, 114210, 115310, 236115, 236116, 236117, 6
236118, 236210, 236220, 237110, 237120, 237130, 7
237210, 237310, 237990, 238110, 238120, 238130, 8
238140, 238150, 238160, 238170, 238190, 238210, 9
238220, 238290, 238310, 238320, 238330, 238340, 10
238350, 238390, 238910, 238990, 811111, 811114, 11
811198, 811210, 811310, 811411, 811412, 811420, 12
811430, or 811490.’’. 13
(c) E
FFECTIVEDATE.—The amendments made by 14
this section shall apply to expenses paid in taxable years 15
beginning after the date of the enactment of this Act. 16
Æ
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