Fairness for the Trades Act

HR 808, the "Fairness for the Trades Act," would allow individuals using 529 college savings accounts to cover certain trade-related business expenses as qualified higher education costs. Specifically, it expands the definition of "qualified expenses" to include tools and equipment (like hand tools or specialized machinery) used in designated skilled trades, such as construction, plumbing, electrical work, and maintenance, as listed by specific industry codes. This change directly affects people saving for trade careers through 529 plans, enabling them to use account funds for equipment purchases instead of just tuition or books. The bill does not alter tax rates or create new funding but modifies existing 529 account rules to support trade training costs.