I 
119TH CONGRESS 
1ST SESSION H. R. 1131 
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. 
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. BILI-
RAKIS, 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 busi-
nesses from the definition of assets under title IV of 
the Higher Education Act of 1965. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Family Farm and 
Small Business Exemption Act’’. 
SEC. 2. EXEMPTING FAMILY FARMS AND SMALL BUSI-
NESSES 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 insert-
ing a semicolon; and 
(3) by adding at the end the following: 
‘‘(B) a family farm on which the family re-
sides; 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 sub-
section (a) shall apply to need analysis conducted under 
part F of title IV of the Higher Education Act of 1965 
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(20 U.S.C. 1087kk et seq.) for award years beginning on 
or after the date of the enactment of this Act. 
Æ 
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