Proposal Expanding 529 qualified expenses Introduced

Representatives Marie Gluesenkamp Perez (D-WA) and co-sponsor Chuck Edwards (R-NC) have introduced H.R. 808, The Fairness for the Trades Act to permit qualified business trade expenses to be treated as qualified higher education expenses for purposes of a 529 account. According to a press release, the bill would expand use for the purchase of certain qualified business expenses in construction, plumbing, electrical, logging, fishing, farming, and certain auto repair and maintenance fields. This would apply to tangible assets subject to depreciation and the deduction would be taken in the year of the expense.