[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 1237 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 1237

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

                             April 20, 2023

   Ms. Ernst (for herself, Mr. Tester, Mr. Grassley, Ms. Lummis, Mr. 
  Ricketts, Mr. Moran, and Mr. Braun) introduced the following bill; 
     which was read twice and referred to the Committee on Health, 
                     Education, Labor, and Pensions

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Family Farm and Small Business 
Exemption Act''.

SEC. 2. EXEMPTING FAMILY FARMS AND SMALL BUSINESSES FROM ASSETS UNDER 
              THE HIGHER EDUCATION ACT OF 1965.

    (a) In General.--Section 480(f)(2) of the Higher Education Act of 
1965 (20 U.S.C. 1087vv), as amended by section 702(l)(2) of the FAFSA 
Simplification Act (title VII of division FF of Public Law 116-260; 134 
Stat. 3163), is further 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) Effective Date.--The amendments made by subsection (a) shall 
take effect as if included in the FAFSA Simplification Act (title VII 
of division FF of Public Law 116-260) and subject to the effective date 
of section 701(b) of such Act, as amended by section 102(a) of the 
FAFSA Simplification Act Technical Corrections Act (division R of 
Public Law 117-103) (including the authorization provided under section 
102(c)(1)(A) of such Act).
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