Fairness for the Trades Act

Section 529(e)(3) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:

The term qualified higher education expenses includes qualified business trade expenses (as defined in subsection (f)).

Section 529 is amended by redesignating subsection (f) as subsection (g) and by inserting after subsection (e) the following new subsection:

For purposes of this section—

The term qualified post business trade expenses means amounts paid by the designated beneficiary for specified business property used by the designated beneficiary in a qualified trade field.

The term specified business property means tangible property (other than buildings) which is of a character subject to the allowance for depreciation.

The term qualified trade field means any field which is described by one of the following National industry codes of the North American Industry Classification System: 113110, 113210, 113310, 114111, 114112, 114119, 114210, 115310, 236115, 236116, 236117, 236118, 236210, 236220, 237110, 237120, 237130, 237210, 237310, 237990, 238110, 238120, 238130, 238140, 238150, 238160, 238170, 238190, 238210, 238220, 238290, 238310, 238320, 238330, 238340, 238350, 238390, 238910, 238990, 811111, 811114, 811198, 811210, 811310, 811411, 811412, 811420, 811430, or 811490.

The amendments made by this section shall apply to expenses paid in taxable years beginning after the date of the enactment of this Act.