[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1131 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 1131

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 HOUSE OF REPRESENTATIVES

                            February 7, 2025

 Mr. Mann (for himself, Mr. Panetta, Mr. Thompson of Pennsylvania, Ms. 
    Craig, Mr. Davis of North Carolina, Mr. Meuser, Mr. Ellzey, Ms. 
 Hageman, Mr. Sorensen, Mr. Finstad, Mr. Fleischmann, Mr. Graves, Mr. 
 Cline, Mrs. Hinson, Mr. Bost, Mr. Costa, Ms. Tenney, Mr. Austin Scott 
 of Georgia, Mr. DesJarlais, Mr. Edwards, Mr. Grothman, Ms. Maloy, Ms. 
Tokuda, Mr. Bergman, Mr. Van Orden, Mr. Scott Franklin of Florida, Mr. 
Zinke, Mr. Smith of Nebraska, Mr. Schmidt, Mr. Moolenaar, Mr. Smith of 
 Missouri, Ms. Perez, Mr. Rouzer, Mrs. Miller of Illinois, Mr. LaHood, 
Mr. Messmer, Mr. Fallon, Mr. Bacon, Mr. Webster of Florida, Mr. Nunn of 
 Iowa, Mr. Fitzgerald, Mr. Newhouse, Mr. Valadao, Mr. Guest, Mr. Self, 
  Mr. Hudson, Mr. Fong, Mr. Downing, Mrs. Miller-Meeks, Mr. Moore of 
 Alabama, Mr. Evans of Colorado, Mr. Feenstra, Ms. McDonald Rivet, Mr. 
    Flood, Mr. Lawler, Mr. Fitzpatrick, Ms. Scholten, Mr. Joyce of 
  Pennsylvania, Mr. Lucas, Mr. McCaul, Mr. Kelly of Pennsylvania, Ms. 
   Salinas, Mr. LaMalfa, Mr. Cisneros, Mr. Kelly of Mississippi, Mr. 
Ezell, Mr. Wittman, Mr. Deluzio, Mr. Cole, Mr. Kustoff, Mr. Baird, Mr. 
Jackson of Texas, Mr. LaLota, Mr. Carter of Louisiana, Mr. Collins, Mr. 
Balderson, Mr. Bilirakis, Mrs. Fischbach, Mr. Ciscomani, and Mr. Owens) 
 introduced the following bill; which was referred to the Committee on 
                        Education and Workforce

_______________________________________________________________________

                                 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) 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) Applicability.--The 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.
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