119 S469 IS: Family Farm and Small Business Exemption Act U.S. Senate 2025-02-06 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.

II119th CONGRESS1st SessionS. 469IN THE SENATE OF THE UNITED STATESFebruary 6 (legislative day, February 5), 2025Ms. Ernst (for herself, Mr. Bennet, Mr. Grassley, Mr. Marshall, Mr. Justice, Mr. Moran, Mr. Hoeven, Mr. Rounds, Mr. Boozman, and Mr. Tillis) 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(f)(2)) is 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)

Applicability

The amendments made by subsection (a) shall apply to need analysis conducted under part F of title IV of the Higher Education Act of 1965 (20 U.S.C. 1087kk et seq.) for award years beginning on or after the date of the enactment of this Act.