S 1237 118th Congress Senate Education Government lending and loan guarantees Rural conditions and development Small business Student aid and college costs

Family Farm and Small Business Exemption Act

Introduced: April 20, 2023 Introduced by: Ernst, Joni Republican · Iowa See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 20, 2023

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Apr 20, 2023

Introduced in Senate

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.

What's happening now April 20, 2023

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Committees of jurisdiction 1