Fairness for the Trades Act

Hozzl · 2025-02-26T05:23:20Z

Explore the details of House Bill 808 Fairness for the Trades Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

2/26/2025, 5:23 AM

Summary of Bill HR 808

Bill 119 HR 808, also known as the "529 Expansion for Business Expenses Act," aims to amend the Internal Revenue Code of 1986 to allow qualified business trade expenses to be considered qualified higher education expenses for 529 accounts.

Currently, 529 accounts are tax-advantaged savings plans designed to help families save for future higher education expenses. These expenses typically include tuition, fees, books, and room and board. However, under the proposed bill, expenses related to qualified business trades, such as apprenticeships, vocational training, and other forms of job training, would also be eligible for tax-free withdrawals from 529 accounts.

The bill seeks to provide individuals with more flexibility in using their 529 savings to invest in their career development and acquire the necessary skills and training for success in the workforce. By expanding the definition of qualified higher education expenses to include business trade expenses, the bill aims to support individuals pursuing alternative education paths beyond traditional college degrees. Overall, Bill 119 HR 808 aims to promote workforce development and provide individuals with additional opportunities to invest in their education and career advancement.

Congressional Summary of HR 808

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.

Read the Full Bill

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Current Status of Bill HR 808

Bill HR 808 is currently in the status of Bill Introduced since January 28, 2025. Bill HR 808 was introduced during Congress 119 and was introduced to the House on January 28, 2025. Bill HR 808's most recent activity was Referred to the House Committee on Ways and Means. as of January 28, 2025

Bipartisan Support of Bill HR 808

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 808

Primary Policy Focus

Alternate Title(s) of Bill HR 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.

Comments

Misael Branch

1,142

1 year ago

I don't know much about this new bill, but it sounds like it could really mess things up for us hardworking folks in the trades. How is this gonna help anyone in the long run? #confused