II
119THCONGRESS
1
STSESSION S. 469
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.
IN THE SENATE OF THE UNITED STATES
FEBRUARY6 (legislative day, FEBRUARY5), 2025
Ms. E
RNST(for herself, Mr. BENNET, Mr. GRASSLEY, Mr. MARSHALL, Mr.
J
USTICE, Mr. MORAN, Mr. HOEVEN, Mr. ROUNDS, Mr. BOOZMAN, and
Mr. T
ILLIS) introduced the following bill; which was read twice and re-
ferred to the Committee on Health, Education, Labor, and Pensions
A BILL
To restore the exemption of family farms and small busi-
nesses from the definition of assets under title IV of
the Higher Education Act of 1965.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Family Farm and 4
Small Business Exemption Act’’. 5
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•S 469 IS
SEC. 2. EXEMPTING FAMILY FARMS AND SMALL BUSI-1
NESSES FROM ASSETS UNDER THE HIGHER 2
EDUCATION ACT OF 1965. 3
(a) I
NGENERAL.—Section 480(f)(2) of the Higher 4
Education Act of 1965 (20 U.S.C. 1087vv(f)(2)) is 5
amended— 6
(1) by striking ‘‘net value of the’’ and inserting 7
the following: ‘‘net value of— 8
‘‘(A) the’’; 9
(2) by striking the period at the end and insert-10
ing a semicolon; and 11
(3) by adding at the end the following: 12
‘‘(B) a family farm on which the family re-13
sides; or 14
‘‘(C) a small business with not more than 15
100 full-time or full-time equivalent employees 16
(or any part of such a small business) that is 17
owned and controlled by the family.’’. 18
(b) A
PPLICABILITY.—The amendments made by sub-19
section (a) shall apply to need analysis conducted under 20
part F of title IV of the Higher Education Act of 1965 21
(20 U.S.C. 1087kk et seq.) for award years beginning on 22
or after the date of the enactment of this Act. 23
Æ
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