Family Farm and Small Business Exemption Act
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Bill details
Summary
Introduced in House
Family Farm and Small Business Exemption Act This bill restores an exemption for certain family farms and small businesses on the Free Application for Federal Student Aid (FAFSA) form. The bill applies to the net worth of (1) a family farm on which the family resides, or (2) a small business with not more than 100 full-time or full-time equivalent employees that is owned and controlled by the family. Prior to recent changes made to the FAFSA, the net worth of these family farms and small businesses were excluded as assets when calculating a student's financial need to determine federal student aid eligibility. Beginning with the 2024-2025 academic year, the net worth of these farms and businesses are treated as an asset and therefore included in the calculation. This bill restores the exemption to exclude such net worth from the calculation.
District impact notes
The Family Farm and Small Business Exemption Act aims to restore an exemption for certain family farms and small businesses on the FAFSA form. • This policy could matter locally by potentially affecting how financial need is assessed for students from family-owned farms and small businesses seeking federal student aid. • It may also impact local educational institutions by influencing enrollment and financial aid availability for students from these families. • A possible tradeoff could be the challenge of ensuring accurate assessments of asset values while balancing the needs of various types of businesses and farms. AI-generated from official bill summary and plain-English note; verify with official text.
Related votes
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