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H.R. 1250 · 118th Congress

Family Farm and Small Business Exemption Act

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

TMR MannSponsor
59 cosponsors · 11 D, 48 R
DBR Bacon JBR Bergman KCR Cammack LCR Chavez-DeRemer DDD Davis SDR DesJarlais JER Ellzey RFR Feenstra CFR Franklin BFR Finstad MGR Guest MGD Gluesenkamp Perez HHR Hageman JLR LaTurner FLR Lucas DLR LaMalfa MMR McCaul DMR Meuser MMR Miller BMR Moore MMR Miller-Meeks JJR (Jim) Moylan ZZR (Zach) Nunn JPD Panetta ASR Scott WSR Steube ESD Sorensen DVR Valadao LBR Boebert CFR Fleischmann ACD Craig KMD Manning HSD Scholten SFR Fitzgerald SGR Graves BFR Fitzpatrick GRR Reschenthaler BCR Cline AHR Hinson ASR Smith GTR Thompson MFR Flood MAR Alford MBR Bost NLR LaLota DRR Rouzer TBR Balderson YCD Caraveo JCD Costa DLR LaHood BLR Luetkemeyer JLR Letlow JBR Baird MLR Lawler JDR Duarte SDD Davids DVR Van Orden JRR Rose AKD Kuster

28 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

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.

What it does: CRS summary · Introduced in House · Feb 28, 2023

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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Family Farm and Small Business Exemption Act

Latest action (Feb 28, 2023): Referred to the House Committee on Education and the Workforce.

Policy area: Education · Origin: House · Introduced: Feb 28, 2023

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.