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H.R. 808

U.S. House•In House Committee

Summary

H.R. 808, the Fairness for the Trades Act, was introduced in the House on Jan 28, 2025 by Rep. Marie Gluesenkamp Perez (D) with 3 co-sponsors. It was referred to Ways And Means, and last saw action on Jan 28, 2025: Referred to the House Committee on Ways and Means.

Record

Text

H.R. 808 has 3 co-sponsors.

hb808/introduced-in-house.txt
119 HR 808 IH: Fairness for the Trades Act
 U.S. House of Representatives
 2025-01-28
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  1st Session  H. R. 808  IN THE HOUSE OF REPRESENTATIVES   January 28, 2025   Ms. Perez  (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 qualified higher education expenses for purposes of 529 accounts.
1.
Short title
This Act may be cited as the   Fairness for the Trades Act  .
2.
Qualified business trade expenses treated as qualified higher education expenses for purposes of 529 accounts
(a)
In general
 Section 529(e)(3)  of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:
(C)
Qualified business trade expenses
The term  qualified higher education expenses  includes qualified business trade expenses (as defined in subsection (f)).
 .
(b)
Qualified business trade expenses
Section 529 is amended by redesignating subsection (f) as subsection (g) and by inserting after subsection (e) the following new subsection:
(f)
Qualified business trade expenses
For purposes of this section—
(1)
In general
The term  qualified post business trade expenses  means amounts paid by the designated beneficiary for specified business property used by the designated beneficiary in a qualified trade field.
(2)
Specified business property
The term  specified business property  means tangible property (other than buildings) which is of a character subject to the allowance for depreciation.
(3)
Qualified trade field
The term  qualified trade field  means any field which is described by one of the following National industry codes of the North American Industry Classification System: 113110, 113210, 113310, 114111, 114112, 114119, 114210, 115310, 236115, 236116, 236117, 236118, 236210, 236220, 237110, 237120, 237130, 237210, 237310, 237990, 238110, 238120, 238130, 238140, 238150, 238160, 238170, 238190, 238210, 238220, 238290, 238310, 238320, 238330, 238340, 238350, 238390, 238910, 238990, 811111, 811114, 811198, 811210, 811310, 811411, 811412, 811420, 811430, or 811490.
 .
(c)
Effective date
The amendments made by this section shall apply to expenses paid in taxable years beginning after the date of the enactment of this Act.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

  1. Introduced2025-01-28
  2. Passed House
  3. Passed Senate
  4. Conference
  5. To President
  6. Became Law

CRS Summary

The summaries are the Congressional Research Service’s, one per stage. Read them in full.

Introduced in House Jan 28, 2025

hb808/introduced-in-house.md

Shown Here:
Introduced in House (01/28/2025)

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.

Sponsors

Rep. Marie Gluesenkamp Perez (D) sponsors H.R. 808, and 3 members have co-sponsored it, 1 of them from the day it was introduced.

Committees

H.R. 808 went before 1 committee: Ways and Means.

Ways and Means
Ways and Means
Referred To · Jan 28, 2025 · 1,160 Bills

Actions

H.R. 808 has taken 2 actions since Jan 28, 2025.

ChamberAction
Jan 28, 2025
House
Introduced in House
Jan 28, 2025
House
Referred to the House Committee on Ways and Means.Ways and Means Committee

Votes

H.R. 808 has not gone to a roll call.

Titles

H.R. 808 goes by 3 titles, 1 of them short titles.

  • Fairness for the Trades Act — Display Title
  • Fairness for the Trades Act — Short Title(s) as Introduced
  • 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. — Official Title as Introduced

Classification

The Congressional Research Service files H.R. 808 under Taxation, one of its 31 policy areas.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 808’s is Taxation.

hr808/policy-areas.txt
TaxationAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCommerceCongressCrime and Law EnforcementEconomics and Public FinanceEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesFinance and Financial SectorForeign Trade and International FinanceGovernment Operations and PoliticsHealthHousing and Community DevelopmentImmigrationInternational AffairsLabor and EmploymentLawNative AmericansPublic Lands and Natural ResourcesScience, Technology, CommunicationsSocial WelfareSports and RecreationTransportation and Public WorksWater Resources Development

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 808, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 18 (Tuesday, January 28, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. PEREZ:H.R. 808.Congress has the power to enact this legislation pursuantto the following:Article I of the U.S. Constitution[Page H407]

Source: congress.gov · legiscan.com