Qualified business trade expenses treated as qualified higher education expenses for purposes of 529 accounts

(a) In general Section 529(e)(3) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: (C) Qualified business trade expenses The term qualified higher education expenses includes qualified business trade expenses (as defined in subsection (f)).. (b) Qualified business trade expenses Section 529 is amended by redesignating subsection (f) as subsection (g) and by inserting after subsection (e) the following new subsection: (f) Qualified business trade expenses For purposes of this section— (1) In general 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. (2) Specified business property The term specified business property means tangible property (other than buildings) which is of a character subject to the allowance for depreciation. (3) Qualified trade field 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.. (c) Effective date The amendments made by this section shall apply to expenses paid in taxable years beginning after the date of the enactment of this Act.