Both sides have signed this (Bill Ranking)
S. 469 · 119th Congress (2025-2026)
14 members · Left 1 · Center 1 · Right 12 (Bill Ranking)
| Sponsor | Sen. Ernst, Joni (R-IA) (Introduced 02/06/2025) |
|---|---|
| Sponsor Voting Record | Right · DW-NOMINATE +0.54 · measured from every roll-call vote this member has cast (voteview.com) (Sponsor Ranking) |
| Support |
LLLCLRR support across the spectrum: 14 members signed on (Bill Ranking) this bill: sponsor + current cosponsors, each once |
| Committees | Senate - Health, Education, Labor, and Pensions Committee; Senate - Health, Education, Labor, and Pensions Committee |
| Latest Action | 02/06/2025 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. |
| Roll Call Votes | There have been no roll call votes |
| Source | view on congress.gov → |
Introduced in Senate (02/06/2025)
Family Farm and Small Business Exemption Act
This bill restores an exemption for certain family farms and small businesses on the Free Application for Federal Student Aid (FAFSA) form. 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 the 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 are treated as an asset and therefore included in the calculation. This bill restores the exemption to exclude such net worth from the calculation.
119 S469 IS: Family Farm and Small Business Exemption Act U.S. Senate 2025-02-06 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. II119th CONGRESS1st SessionS. 469IN THE SENATE OF THE UNITED STATESFebruary 6 (legislative day, February 5), 2025Ms. 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 PensionsA BILLTo restore the exemption of family farms and small businesses from the definition of assets under title IV of the Higher Education Act of 1965.1.Short titleThis Act may be cited as the Family Farm and Small Business Exemption Act.2.Exempting family farms and small businesses from assets under the Higher Education Act of 1965(a)In generalSection 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)ApplicabilityThe 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.
The bill's own words, from our database (synced from the GPO BILLS XML); paragraph breaks added at the bill's section boundaries, nothing else changed.
| Date | Chamber | All Actions |
|---|---|---|
| 02/06/2025 | Library of Congress | Introduced in Senate |
| 02/06/2025 | Senate | Read twice and referred to the Committee on Health, Education, Labor, and Pensions. |
| Title Type | Title |
|---|---|
| Display Title | Family Farm and Small Business Exemption Act |
| Short Title(s) as Introduced | Family Farm and Small Business Exemption Act |
| Official Title as Introduced | 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. |
There are no amendments to this bill.
* = Original cosponsor
| Committee | Activity |
|---|---|
| Senate - Health, Education, Labor, and Pensions Committee | 02/06/2025 Referred To |
| Senate - Health, Education, Labor, and Pensions Committee | 02/06/2025 Referred To |
Policy Area: Education
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