Section 1. Short title
This Act may be cited as the Family Farm and Small Business Exemption Act.
(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.