Fairness for the Trades Act

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 28 January 2025

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 28 January 2025

   Introduced

   Introduced in House

   Source: IntroReferral

3. 28 January 2025

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in House

  Introduced in House · EN · 28 January 2025

  DownloadOpen at official source

• Introduced in House

  summary · EN · 28 January 2025

  Open at official source

Sponsors

• Marie Perez · D · Sponsor
• Rep. Edwards, Chuck [R-NC-11] · R · Sponsor
• Robert Bresnahan · R · Cosponsor
• Rep. Moore, Riley [R-WV-2] · R · Cosponsor
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.