Family Farm and Small Business Exemption Act
- Last Action
- 2/7/2025
Actions
- 2025-02-07Referred to the House Committee on Education and Workforce.
- 2025-02-07Introduced in House
- 2025-02-07Introduced in House
CRS Summary
As of 2025-02-07 (00)
Family Farm and Small Business Exemption Act
This bill restores an exemption for certain family farms and small businesses on the Free Application for Federal Student Aid (FAFSA) form. The bill applies to the net worth of (1) a family farm on which the family resides, or (2) a small business with not more than 100 full-time or full-time equivalent employees that is owned and controlled by the family.
Prior to recent changes made to the FAFSA, the net worth of these family farms and small businesses were excluded as assets when calculating a student's financial need to determine federal student aid eligibility. Beginning with the 2024-2025 academic year, the net worth of these farms and businesses are treated as an asset and therefore included in the calculation. This bill restores the exemption to exclude such net worth from the calculation.
Cosponsors (20)
- Jimmy Panetta (D-CA)
- Glenn Thompson (R-PA)
- Angie Craig (D-MN)
- Donald Davis (D-NC)
- Daniel Meuser (R-PA)
- Jake Ellzey (R-TX)
- Harriet Hageman (R-WY)
- Eric Sorensen (D-IL)
- Brad Finstad (R-MN)
- Charles Fleischmann (R-TN)
- Sam Graves (R-MO)
- Ben Cline (R-VA)
- Ashley Hinson (R-IA)
- Mike Bost (R-IL)
- Jim Costa (D-CA)
- Claudia Tenney (R-NY)
- Austin Scott (R-GA)
- Scott DesJarlais (R-TN)
- Chuck Edwards (R-NC)
- Glenn Grothman (R-WI)
Subjects
- Government lending and loan guarantees
- Rural conditions and development
- Small business
- Student aid and college costs
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.