What does Preamble of Family Farm and Small Business Exemption Act do?

This bill aims to restore an exemption for family farms and small businesses from the definition of assets under title IV of the Higher Education Act of 1965. The bill was introduced in the House of Representatives on February 7, 2025.

What does SHORT TITLE. of Family Farm and Small Business Exemption Act do?

This bill is formally titled the Family Farm and Small Business Exemption Act.

What does EXEMPTING FAMILY FARMS AND SMALL BUSINESSES FROM ASSETS UNDER of Family Farm and Small Business Exemption Act do?

This section amends Section 480(f)(2) of the Higher Education Act of 1965. The amendment adds exemptions to the calculation of assets for need analysis. The exemptions include family farms on which the family resides. The exemptions also include small businesses with 100 or fewer employees owned and controlled by the family. These amendments apply to need analysis for award years beginning on or after the enactment of this Act.

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Family Farm and Small Business Exemption Act

Last updated: 2/7/2025 · Introduced: 2/7/2025

Author: Tracey Mann (R-KS)

TL;DR (AI)

This bill amends the Higher Education Act of 1965 to exempt family farms where the family resides from asset calculations used in determining financial need for student aid.
The bill also exempts small businesses with 100 or fewer employees, owned and controlled by the family, from asset calculations for student aid purposes.
These exemptions apply to financial aid award years beginning after the bill's enactment.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

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