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Senate bill · S. 469 (119th Congress)

Family Farm and Small Business Exemption Act

U.S. Senate

Latest action Feb 6, 2025

Sponsor: Joni Ernst (U.S. Senator for Iowa, Republican)

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From Congress.gov and official rosters. This record was last updated Jul 30, 2026. About our data

Summary

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.

Summary from the Congressional Research Service. How we handle summaries

Where it stands

Assigned to a committee for review.

  1. Introduced
  2. In committee
  3. Up for a vote
  4. Passed one chamber
  5. Passed
  6. Enacted

Committee

Senate Committee on Health, Education, Labor, and Pensions · U.S. Senate

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Cosponsors

13

Cosponsors listed on Congress.gov, shown A to Z.

  • Republican11
  • Democratic2

This bill has cosponsors from more than one party.

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Show the full list (13 names)

Related bills

As identified by Congress.gov.

Full history

  1. Feb 6, 2025

    Introduced

    Introduced in U.S. Senate

    U.S. Senate

  2. Feb 6, 2025

    Referred to committee

    Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

  3. Feb 6, 2025

    Referred to committee

    Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

  4. Feb 6, 2025

    Referred to committee

    Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Read the record