Bill · S. 469· Senate(119-S-469)

Family Farm and Small Business Exemption Act

Age: 56 years

Iowa

Introduced: 2/6/2025
Last activity: 2/6/2025 — Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Sponsored by: Joni Ernst
Cosponsors: - 11 - 2

Education

Introduced
In Committee

What this bill would do

This bill, titled the "Family Farm and Small Business Exemption Act," seeks to change how assets are defined under the Higher Education Act of 1965. It aims to restore exemptions for certain types of assets when conducting need analysis for financial aid. Specifically, it targets family farms where the family lives and small businesses owned and controlled by a family. These businesses must have no more than 100 full-time or full-time equivalent employees. The changes would apply to need analysis for award years starting after the Act is enacted.

Yes· 3 of 8

Would business owners be better off under this?+6
Business owners who control small businesses with under 100 employees will see their assets protected during their children's financial aid assessments.
Would farmers be better off under this?+6
Farmers who reside on their land will benefit from the exemption of their farm's net value from higher education asset calculations.
Does this make it easier to run a small business?+6
The bill increases support for small businesses by exempting their net value from being counted as assets during financial aid need analysis.