| 1 | 1 | | II |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION S. 469 |
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| 5 | 5 | | To restore the exemption of family farms and small businesses from the |
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| 6 | 6 | | definition of assets under title IV of the Higher Education Act of 1965. |
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| 7 | 7 | | IN THE SENATE OF THE UNITED STATES |
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| 8 | 8 | | FEBRUARY6 (legislative day, FEBRUARY5), 2025 |
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| 9 | 9 | | Ms. E |
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| 10 | 10 | | RNST(for herself, Mr. BENNET, Mr. GRASSLEY, Mr. MARSHALL, Mr. |
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| 11 | 11 | | J |
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| 12 | 12 | | USTICE, Mr. MORAN, Mr. HOEVEN, Mr. ROUNDS, Mr. BOOZMAN, and |
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| 13 | 13 | | Mr. T |
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| 14 | 14 | | ILLIS) introduced the following bill; which was read twice and re- |
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| 15 | 15 | | ferred to the Committee on Health, Education, Labor, and Pensions |
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| 16 | 16 | | A BILL |
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| 17 | 17 | | To restore the exemption of family farms and small busi- |
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| 18 | 18 | | nesses from the definition of assets under title IV of |
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| 19 | 19 | | the Higher Education Act of 1965. |
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| 20 | 20 | | Be it enacted by the Senate and House of Representa-1 |
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| 21 | 21 | | tives of the United States of America in Congress assembled, 2 |
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| 22 | 22 | | SECTION 1. SHORT TITLE. 3 |
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| 23 | 23 | | This Act may be cited as the ‘‘Family Farm and 4 |
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| 24 | 24 | | Small Business Exemption Act’’. 5 |
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| 25 | 25 | | VerDate Sep 11 2014 22:29 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S469.IS S469 |
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| 26 | 26 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 27 | 27 | | •S 469 IS |
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| 28 | 28 | | SEC. 2. EXEMPTING FAMILY FARMS AND SMALL BUSI-1 |
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| 29 | 29 | | NESSES FROM ASSETS UNDER THE HIGHER 2 |
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| 30 | 30 | | EDUCATION ACT OF 1965. 3 |
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| 31 | 31 | | (a) I |
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| 32 | 32 | | NGENERAL.—Section 480(f)(2) of the Higher 4 |
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| 33 | 33 | | Education Act of 1965 (20 U.S.C. 1087vv(f)(2)) is 5 |
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| 34 | 34 | | amended— 6 |
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| 35 | 35 | | (1) by striking ‘‘net value of the’’ and inserting 7 |
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| 36 | 36 | | the following: ‘‘net value of— 8 |
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| 37 | 37 | | ‘‘(A) the’’; 9 |
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| 38 | 38 | | (2) by striking the period at the end and insert-10 |
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| 39 | 39 | | ing a semicolon; and 11 |
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| 40 | 40 | | (3) by adding at the end the following: 12 |
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| 41 | 41 | | ‘‘(B) a family farm on which the family re-13 |
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| 42 | 42 | | sides; or 14 |
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| 43 | 43 | | ‘‘(C) a small business with not more than 15 |
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| 44 | 44 | | 100 full-time or full-time equivalent employees 16 |
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| 45 | 45 | | (or any part of such a small business) that is 17 |
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| 46 | 46 | | owned and controlled by the family.’’. 18 |
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| 47 | 47 | | (b) A |
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| 48 | 48 | | PPLICABILITY.—The amendments made by sub-19 |
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| 49 | 49 | | section (a) shall apply to need analysis conducted under 20 |
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| 50 | 50 | | part F of title IV of the Higher Education Act of 1965 21 |
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| 51 | 51 | | (20 U.S.C. 1087kk et seq.) for award years beginning on 22 |
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| 52 | 52 | | or after the date of the enactment of this Act. 23 |
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| 53 | 53 | | Æ |
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| 54 | 54 | | VerDate Sep 11 2014 22:29 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S469.IS S469 |
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| 55 | 55 | | ssavage on LAPJG3WLY3PROD with BILLS |
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