Fairness for the Trades Act
Congress Proposes Letting 529 Education Savings Pay for Certain Trade Tools and Work Equipment
Stalled
No legislative action in over 90 days.
Legislative Progress
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.
Impact Analysis
Personal Impact
How this policy affects specific groups of people
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
2 articles
Gluesenkamp Perez, Edwards Introduce Bipartisan Bill to Level the Playing Field for Mechanically Gifted Youth
Announcement of the Fairness for the Trades Act (H.R. 808) to expand 529 plan qualified uses to include tools/equipment for certain trades.
Gluesenkamp Perez Introduces Bill to Level the Playing Field for Trades-Bound Youth
Earlier announcement of the Fairness for the Trades Act concept: using 529 savings for tools/equipment needed for technical careers and certain trades.
Source Information
Document Type
Congressional Bill
Official Title
Fairness for the Trades Act
Data Sources
Sponsor
Cosponsors
(3)Analysis generated by AI. Always verify with official sources.