S. 469 — Introduced in Senate

II 119th CONGRESS 1st Session S. 469 IN THE SENATE OF THE UNITED STATES February 6 (legislative day, February 5), 2025Ms. Ernst (for herself, Mr. Bennet, Mr. Grassley, Mr. Marshall, Mr. Justice, Mr. Moran, Mr. Hoeven, Mr. Rounds, Mr. Boozman, and Mr. Tillis) 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. 1. Short title This Act may be cited as the Family Farm and Small Business Exemption Act. 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(f)(2)) 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.