H.R. 808 · 119th Congress
Fairness for the Trades Act
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D
Gluesenkamp PerezSponsor3 cosponsors · 3 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill expands the expenses that may be paid for with tax-free distributions from a qualified tuition program (known as a 529 plan) to include those incurred to purchase business property in certain industries. (Some limitations apply.)
What it does: CRS summary · Introduced in House · Jan 28, 2025
Fairness for the Trades Act
This bill expands the expenses that may be paid for with tax-free distributions from a qualified tuition program (known as a 529 plan) to include those incurred to purchase business property in certain industries. (Some limitations apply.)
Under the bill, tax-free 529 plan distributions may be used to pay for certain property for use by the plan beneficiary in industries within the following industry groups (as classified in the North American Industry Classification System):
- timber tract operations;
- forest nurseries and gathering of forest products;
- logging;
- fishing;
- hunting and trapping;
- support activities for forestry;
- residential and nonresidential building construction;
- utility system construction;
- land subdivision;
- highway, street, and bridge construction;
- other heavy and civil engineering construction;
- foundation, structure, and building exterior contracting;
- building equipment contracting;
- building finishing contracting;
- other specialty trade contracting;
- automotive repair and maintenance;
- electronic and precision equipment repair and maintenance;
- commercial and industrial machinery and equipment (except automotive and electronic) repair and maintenance; and
- personal and household goods repair and maintenance.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Fairness for the Trades Act
Latest action (Jan 28, 2025): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jan 28, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.