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Tax Relief for Trade Equipment from 529 Accounts

This new act allows funds from 529 savings accounts, previously for higher education, to be used for purchasing tools and equipment essential for skilled trades. This aims to support individuals learning or working in sectors like construction, agriculture, or mechanics. The changes will apply to taxable years beginning after the act's enactment.
Key points
Ability to use 529 account funds for purchasing tools and equipment for specific skilled trades.
Expansion of the definition of "qualified higher education expenses" to include business trade equipment costs.
Changes apply to expenses paid in taxable years beginning after the act's enactment.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_808
Sponsor: Rep. Perez, Marie Gluesenkamp [D-WA-3]
Process start date: 2025-01-28
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Fairness for the Trades Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_808.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-01-28.

What are the main provisions?

Key points include:

  • Ability to use 529 account funds for purchasing tools and equipment for specific skilled trades.
  • Expansion of the definition of "qualified higher education expenses" to include business trade equipment costs.
  • Changes apply to expenses paid in taxable years beginning after the act's enactment.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Perez, Marie Gluesenkamp [D-WA-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Taxes Education