Bill > HR808

This bill aims to expand the definition of "qualified higher education expenses" in 529 accounts to include qualified business trade expenses. Specifically, the bill allows money from 529 accounts (tax-advantaged savings plans typically used for college expenses) to be used for purchasing tangible business equipment in specific trade fields. The bill defines "qualified business trade expenses" as amounts paid by the account beneficiary for specified business property used in a designated trade field. The "specified business property" is defined as tangible property (excluding buildings) that can be depreciated, and the "qualified trade field" is limited to specific industry codes in the North American Industry Classification System, which primarily cover trades like forestry, fishing, construction, manufacturing, and repair services. The changes would apply to expenses paid in taxable years after the date of the bill's enactment, effectively providing more flexibility for 529 account holders to use their funds for trade-related equipment and training.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/808/all-info