S. 1237 · 118th Congress
Family Farm and Small Business Exemption Act
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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.
R
ErnstSponsor12 cosponsors · 1 D, 11 R
R
Braun
CG
R
Grassley
CL
R
Lummis
JM
R
Moran
PR
R
Ricketts
JT
D
Tester
RM
R
Marshall
JH
R
Hoeven
CH
R
Hyde-Smith
MR
R
Rounds
JB
R
Boozman
TT
R
Tillis6 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 Senate · Apr 20, 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 (Apr 20, 2023): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Education · Origin: Senate · Introduced: Apr 20, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.