117 S1237 IS: Family Farm and Small Business Exemption Act U.S. Senate 2023-04-20 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II118th CONGRESS1st SessionS. 1237IN THE SENATE OF THE UNITED STATESApril 20, 2023Ms. Ernst (for herself, Mr. Tester, Mr. Grassley, Ms. Lummis, Mr. Ricketts, Mr. Moran, and Mr. Braun) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and PensionsA BILLTo restore the exemption of family farms and small businesses from the definition of assets under title IV of the Higher Education Act of 1965.

1.

Short title

This Act may be cited as the Family Farm and Small Business Exemption Act.

2.

Exempting family farms and small businesses from assets under the Higher Education Act of 1965

(a)

In general

Section 480(f)(2) of the Higher Education Act of 1965 (20 U.S.C. 1087vv), as amended by section 702(l)(2) of the FAFSA Simplification Act (title VII of division FF of Public Law 116–260; 134 Stat. 3163), is further amended—(1)by striking net value of the and inserting the following: net value of—(A)the;(2)by striking the period at the end and inserting a semicolon; and(3)by adding at the end the following:(B)a family farm on which the family resides; or(C)a small business with not more than 100 full-time or full-time equivalent employees (or any part of such a small business) that is owned and controlled by the family..(b)

Effective date

The amendments made by subsection (a) shall take effect as if included in the FAFSA Simplification Act (title VII of division FF of Public Law 116–260) and subject to the effective date of section 701(b) of such Act, as amended by section 102(a) of the FAFSA Simplification Act Technical Corrections Act (division R of Public Law 117–103) (including the authorization provided under section 102(c)(1)(A) of such Act).