Bill · H.R. 1131· House(119-HR-1131)

Family Farm and Small Business Exemption Act

Age: 50 years

Kansas

Introduced: 2/7/2025
Last activity: 2/7/2025 — Referred to the House Committee on Education and Workforce.
Sponsored by: Tracey Mann
Cosponsors: - 71 - 18

Education

Introduced
In Committee

What this bill would do

This bill, known as the "Family Farm and Small Business Exemption Act," aims to change how assets are defined under title IV of the Higher Education Act of 1965. It seeks to restore an exemption for specific types of assets. Specifically, it targets family farms where the family lives and small businesses owned and controlled by a family. The bill would exclude these from the net value used in certain financial calculations. These changes would apply to need analysis for award years beginning after the act is enacted.

Yes· 3 of 10

Would business owners be better off under this?+6
Business owners with fewer than 100 employees gain a benefit by having their business assets excluded from their family's financial aid need analysis.
Would farmers be better off under this?+6
The bill provides specific relief to farming families by exempting their primary residence and farm assets from financial aid calculations.
Does this make it easier to run a small business?+6
The bill supports small business owners by excluding the net value of their family-owned businesses from financial aid need analysis.