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.