H.R. 1131

119 HR 1131 IH: Family Farm and Small Business Exemption Act
 U.S. House of Representatives
 2025-02-07
 text/xml
 EN
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 I  119th CONGRESS  1st Session  H. R. 1131  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.
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 ) 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.