Section 1 Short title
This Act may be cited as the “Family Farm and Small Business Exemption Act”.
Family Farm and Small Business Exemption Act
A BILL
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.
Sec. 2 Exempting family farms and small businesses from assets under the Higher Education Act of 1965
In general— Section 480(f)(2) of the Higher Education Act of 1965 (20 U.S.C. 1087vv), as amended by section 702(l)(2) of the FAFSA Simplification Act (title VII of division FF of Public Law 116–260; 134 Stat. 3163), is further amended—
by striking “net value of the” and inserting the following:
“(A) the”
by striking the period at the end and inserting a semicolon; and
by adding at the end the following:
“(B) a family farm on which the family resides; or
“(C) a small business with not more than 100 full-time or full-time equivalent employees (or any part of such a small business) that is owned and controlled by the family.”
Effective date— The amendments made by subsection (a) shall take effect as if included in the FAFSA Simplification Act (title VII of division FF of Public Law 116–260) and subject to the effective date of section 701(b) of such Act, as amended by section 102(a) of the FAFSA Simplification Act Technical Corrections Act (division R of Public Law 117–103) (including the authorization provided under section 102(c)(1)(A) of such Act).