S469Referred to Committee

Family Farm and Small Business Exemption Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2025-02-06
Introduced
13
Cosponsors
S
ⓘ
Type

Sponsor

Joni Ernst
Joni Ernst
Republican · IA · Senator
Votes with party: 76.7% (894 recorded votes)

Full profile: /officials/E000295

Source: Congress.gov · FEC

Cosponsors (13)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

13 cosponsors on record at Congress.gov. The named list is syncing into Govwatch and will appear here shortly — view on Congress.gov in the meantime.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

2025-02-06

Source: Congress.gov

Committee Activity

Previously

Plain-English Summary

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.

Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.

Subjects

Education
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