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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.

10/12/2024, 8:05 AM

Summary of Bill HR 9984

The bill titled "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" was introduced in the 118th Congress on October 11, 2024.

Current Status of Bill HR 9984

Bill HR 9984 is currently in the status of Bill Introduced since October 11, 2024. Bill HR 9984 was introduced during Congress 118 and was introduced to the House on October 11, 2024.  Bill HR 9984's most recent activity was Referred to the House Committee on Ways and Means. as of October 11, 2024

Bipartisan Support of Bill HR 9984

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 9984

Primary Policy Focus

Alternate Title(s) of Bill HR 9984

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.
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.

Comments

Jacob Coates profile image

Jacob Coates

731

1 year ago

I believe this bill is a step in the wrong direction. Allowing business trade expenses to be considered as higher education expenses for 529 accounts could potentially open the door for abuse and misuse of these funds. It blurs the lines between what should be considered a legitimate educational expense and what is simply a business expense. This could ultimately devalue the purpose of 529 accounts and make it harder for families to save for their children's education. In the short term, this bill could lead to confusion and complications for families trying to navigate the already complex world of education savings. It may also create loopholes that could be exploited by those looking to take advantage of the system for their own financial gain. Overall, I believe this bill is not in the best interest of the American people and should be reconsidered.