This bill, known as the Family Farm and Small Business Exemption Act , seeks to reinstate specific exemptions for family-owned assets when determining eligibility for federal student financial aid. It amends Section 480(f)(2) of the Higher Education Act of 1965, which governs the calculation of assets for need analysis. The legislation specifically excludes the net value of a family farm where the family resides, and a small business with up to 100 full-time equivalent employees that is owned and controlled by the family, from being counted as assets. This aims to prevent these assets from negatively impacting a student's eligibility for financial assistance. The provisions of this Act will apply to all need analyses conducted for federal student aid award years beginning on or after its enactment date.