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H.R. 1250 118th Congress House

Family Farm and Small Business Exemption Act

Official title: To restore the exemption of family farms and small businesses from the definition of assets under title IV of the Higher Education Act of 1965.

Introduced: February 28, 2023 Introduced by: Tracey Mann Republican · Kansas See on congress.gov
Education Government lending and loan guaranteesRural conditions and developmentSmall businessStudent aid and college costs
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 28, 2023
Referred to the House Committee on Education and the Workforce.
Feb 28, 2023
Introduced in House
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 Latest action February 28, 2023

Referred to the House Committee on Education and the Workforce.

 Plain-English summary Congressional Research Service

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.

 Related & companion bills 1
  • S 1237 Identical bill Family Farm and Small Business Exemption Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 2

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

Bodies those filers lobbied

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

 Cosponsors 59
All 59 Democratic 8 Republican 44
Kuster, Ann
· Jun 4, 2024
 R
Rose, John W.
Tennessee · Dec 5, 2023
 D
Davids, Sharice
Kansas · Dec 4, 2023
 R
Van Orden, Derrick
Wisconsin · Dec 4, 2023
Duarte, John
· Nov 30, 2023
 R
Lawler, Michael
New York · Nov 13, 2023
 R
Baird, James R.
Indiana · Sep 22, 2023
 R
Letlow, Julia
Louisiana · Sep 20, 2023
Luetkemeyer, Blaine
· Sep 20, 2023
 R
LaHood, Darin
Illinois · Sep 14, 2023
 D
Costa, Jim
California · Sep 12, 2023
Caraveo, Yadira
· Aug 18, 2023
 R
Balderson, Troy
Ohio · Aug 15, 2023
 R
Rouzer, David
North Carolina · Jul 17, 2023
 R
LaLota, Nick
New York · Jun 12, 2023
 R
Bost, Mike
Illinois · May 25, 2023
 R
Alford, Mark
Missouri · May 18, 2023
 R
Flood, Mike
Nebraska · May 17, 2023
 R
Thompson, Glenn
Pennsylvania · May 16, 2023
 R
Hinson, Ashley
Iowa · May 15, 2023
 R
Smith, Adrian
Nebraska · May 15, 2023
 R
Cline, Ben
Virginia · May 11, 2023
 R
Reschenthaler, Guy
Pennsylvania · May 9, 2023
 R
Fitzpatrick, Brian K.
Pennsylvania · May 5, 2023
 R
Fitzgerald, Scott
Wisconsin · Apr 13, 2023
 R
Graves, Sam
Missouri · Apr 13, 2023
 D
Craig, Angie
Minnesota · Mar 17, 2023
Manning, Kathy
· Mar 17, 2023
 D
Scholten, Hillary J.
Michigan · Mar 17, 2023
 R
Fleischmann, Charles J. "Chuck"
Tennessee · Mar 8, 2023
 R
Boebert, Lauren
Colorado · Mar 1, 2023
 R
Bacon, Don
Nebraska · Feb 28, 2023
 R
Bergman, Jack
Michigan · Feb 28, 2023
 R
Cammack, Kat
Florida · Feb 28, 2023
Chavez-DeRemer, Lori
· Feb 28, 2023
 D
Davis, Donald G.
North Carolina · Feb 28, 2023
 R
DesJarlais, Scott
Tennessee · Feb 28, 2023
 R
Ellzey, Jake
Texas · Feb 28, 2023
 R
Feenstra, Randy
Iowa · Feb 28, 2023
 R
Finstad, Brad
Minnesota · Feb 28, 2023
 R
Franklin, Scott
Florida · Feb 28, 2023
 R
Guest, Michael
Mississippi · Feb 28, 2023
 R
Hageman, Harriet M.
Wyoming · Feb 28, 2023
 R
LaMalfa, Doug
California · Feb 28, 2023
LaTurner, Jake
· Feb 28, 2023
 R
Lucas, Frank D.
Oklahoma · Feb 28, 2023
 R
McCaul, Michael T.
Texas · Feb 28, 2023
 R
Meuser, Daniel
Pennsylvania · Feb 28, 2023
 R
Miller, Mary E.
Illinois · Feb 28, 2023
 R
Miller-Meeks, Mariannette
Iowa · Feb 28, 2023
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APA
U.S. Congress. (2026). H.R. 1250: Family Farm and Small Business Exemption Act. 118th Congress. Open America. https://openamerica.io/bill/118-HR-1250/
MLA
"H.R. 1250: Family Farm and Small Business Exemption Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-1250/.
Bluebook (legal)
H.R. 1250, 118th Cong. (2026), https://openamerica.io/bill/118-HR-1250/.
Markdown link
[H.R. 1250: Family Farm and Small Business Exemption Act](https://openamerica.io/bill/118-HR-1250/)
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