Family Farm and Small Business Exemption Act
1/31/2024, 5:15 AMSummary of Bill S 1237
Bill 118 s 1237, also known as the Family Farm and Small Business Exemption Act, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to provide exemptions for family farms and small businesses from certain regulations and requirements that may be burdensome for them.The bill aims to support and protect family farms and small businesses by reducing the regulatory burden they face. It seeks to exempt these entities from certain environmental, labor, and other regulations that may be overly restrictive or costly for them to comply with.
Proponents of the bill argue that family farms and small businesses play a crucial role in the US economy and should be given special consideration when it comes to regulations. They believe that by providing these exemptions, these entities will be able to thrive and continue to contribute to the economy. Opponents of the bill, however, raise concerns about the potential negative impact of exempting family farms and small businesses from regulations. They argue that these exemptions could lead to environmental degradation, exploitation of workers, and other harmful consequences. Overall, Bill 118 s 1237 is a controversial piece of legislation that seeks to provide exemptions for family farms and small businesses from certain regulations. Its fate in Congress remains uncertain as lawmakers continue to debate its merits and drawbacks.
Congressional Summary of S 1237
Family Farm and Small Business Exemption Act
This bill restores an exemption for certain family farms and small businesses under the Free Application for Federal Student Aid (FAFSA). 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 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 will be treated as an asset and therefore included in the calculation. This bill restores the exemption to exclude such net worth from the calculation.
