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(f)(2)) is 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.”
Applicability— The amendments made by subsection (a) shall apply to need analysis conducted under part F of title IV of the Higher Education Act of 1965 (20 U.S.C. 1087kk et seq.) for award years beginning on or after the date of the enactment of this Act.