Fairness for the Trades Act

Key Points

• Congress would let people use 529 education savings accounts to pay for certain job-related tools and equipment, not just college costs.
• It targets skilled trades like construction and repair work, by treating some work expenses like education expenses for 529 purposes.
• Covered costs are for physical items (not buildings) used in the trade—think durable work equipment that normally wears out over time.
• If passed, it would apply to expenses paid in tax years that start after the bill becomes law.
• This could help apprentices, trade students, and workers save in a tax-advantaged account to buy the gear they need for work.