119-s469

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 469 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 469

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.

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 February 6 (legislative day, February 5), 2025

 Ms. Ernst (for herself, Mr. Bennet, Mr. Grassley, Mr. Marshall, Mr. 
 Justice, Mr. Moran, Mr. Hoeven, Mr. Rounds, Mr. Boozman, and Mr. 
 Tillis) introduced the following bill; which was read twice and 
 referred to the Committee on Health, Education, Labor, and Pensions

_______________________________________________________________________

 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.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Family Farm and Small Business 
Exemption Act''.

SEC. 2. EXEMPTING FAMILY FARMS AND SMALL BUSINESSES FROM ASSETS UNDER 
 THE HIGHER EDUCATION ACT OF 1965.

    (a) In General.--

Section 480

    (f)

    (2) of the Higher Education Act of 
1965 (20 U.S.C. 1087vv

    (f)

    (2) ) is amended--

    (1) by striking ``net value of the'' and inserting the 
 following: ``net value of--
 ``
        (A) the'';

    (2) by striking the period at the end and inserting a 
 semicolon; and

    (3) 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.''.

    (b) 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.
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