Family Farm and Small Business Exemption Act
- Last Action
- 4/20/2023
Actions
- 2023-04-20Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- 2023-04-20Introduced in Senate
CRS Summary
As of 2023-04-20 (00)
Family Farm and Small Business Exemption Act
This bill restores an exemption for certain family farms and small businesses under the Free Application for Federal Student Aid (FAFSA). 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 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 will be treated as an asset and therefore included in the calculation. This bill restores the exemption to exclude such net worth from the calculation.
Cosponsors (12)
- Jon Tester (D-MT)
- Chuck Grassley (R-IA)
- Cynthia Lummis (R-WY)
- Pete Ricketts (R-NE)
- Jerry Moran (R-KS)
- Mike Braun (R-IN)
- Roger Marshall (R-KS)
- John Hoeven (R-ND)
- Cindy Hyde-Smith (R-MS)
- Mike Rounds (R-SD)
- John Boozman (R-AR)
- Thomas Tillis (R-NC)
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.