WASHINGTON––U.S. Senators John Boozman (R-AR), Joni Ernst (R-IA) and Michael Bennet (D-CO) introduced the bipartisan Family Farm and Small Business Exemption Act to reverse changes to the Free Application for Federal Student Aid (FAFSA) process that threaten to reduce or even eliminate access to need-based student aid for farm families and small business owners.

Specifically, the legislation would amend the FAFSA Simplification Act to restore the original exemption of all farmland, machinery, other operational materials and small businesses with fewer than 100 employees from being declared as assets on the FAFSA form.

“We rely on our farm families to feed, clothe and fuel the world,” said Boozman. “Supporting agriculturalists by ensuring their children have the opportunity to access an affordable education is commonsense. As Chairman of the Senate Agriculture Committee, I am proud to champion a bipartisan solution that helps rural America’s future generations pursue higher learning.”

“No one should have to sell off the farm – or their small business – to afford college. As a farm kid myself, I know the enormous impacts grants and financial aid have on rural students’ decision to go to college,” said Ernst. “I’m fighting for Iowa families, so unfair policies don’t hold them back from investing in their child’s education.”

“From Colorado to Iowa, federal financial aid helps ensure more students can afford college – including students from farm families, whose businesses are vital to our communities and economies,” said Bennet. “Our bipartisan bill will help ensure these students receive the financial aid they need.”

This legislation is also cosponsored by Senators Chuck Grassley (R-IA), Roger Marshall, M.D. (R-KS), Jim Justice (R-WV), Jerry Moran (R-KS), John Hoeven (R-ND), Mike Rounds (R-SD) and Thom Tillis (R-NC).

Congressman Tracey Mann (R-KS-01) introduced companion legislation in the U.S. House of Representatives.

The Family Farm and Small Business Exemption Act is endorsed by several stakeholders including the American Farm Bureau Federation, National Association of Independent Colleges and Universities, National Association of State Student Grant and Aid Programs, Association of Public and Land-Grant Universities, SchoolHouse Connection, National Milk Producers Federation, United Egg Producers, Land O’Lakes and Farm Credit Council.

Find the full bill text here.

By Drew Viguet
National Agricultural Law Center
U of A System Division of Agriculture

FAYETTEVILLE, Ark. — Heir strategies, distribution plans, incorporating trusts, and more: a lot goes into estate planning. Preparing for the future can present challenges for farm families, but it can also set families on a path towards success.

“Estate planning can go overlooked, but it is a very important topic for farm families to think about,” said Robert Moore of the Agricultural & Resource Law Program at The Ohio State University.

ESTATE PLANNING EXPERT — Attorney Robert Moore knows the challenges farm families face in estate planning. He will discuss ways to achieve planning success in a Feb. 15, 2023, webinar. (Image courtesy Robert Moore).

Moore is no stranger to succession issues on the farm. He not only has degrees in dairy science and agricultural economics in addition to his law degree but was also raised on a farm.

Moore will bring his expertise as the presenter on Feb. 15 for a National Agricultural Law Center webinar, “Estate Planning Challenges and Strategies for Farm Families.” The webinar runs from noon to 1 p.m. EST. There is no cost to register, and registration is online.

“There are many moving parts to estate planning for farm families,” Moore said, “but this webinar will shed light on details about the process and explain strategies that can be used to combat the challenges. I’m looking forward to presenting another webinar for the NALC; the partnership between the NALC and OSU Extension is valuable and important for delivering timely agricultural updates.”

The Agricultural & Resource Law Program is one of the NALC’s partners, aiding in the NALC’s mission of delivering authoritative, timely, and objective agricultural and food law research and information.

“We’re fortunate to have Robert’s background and expertise for our next webinar as well as for our upcoming 10th Annual Mid-South Agricultural & Environmental Law Conference,” NALC Director Harrison Pittman said. “He is an excellent resource for the NALC, having presented for our webinar series before. We know this presentation will likewise be informative and top-notch.”

For information about the National Agricultural Law Center, visit https://nationalaglawcenter.org or follow @Nataglaw on Twitter.

About the National Agricultural Law Center
The National Agricultural Law Center serves as the nation’s leading source of agricultural and food law research and information. The NALC works with producers, state and federal policymakers, Congressional staffers, attorneys, land grant universities, and many others to provide objective, nonpartisan agricultural and food law research and information to the nation’s agricultural community.

The NALC is a unit of the University of Arkansas System Division of Agriculture and works in close partnership with the USDA Agricultural Research Service, National Agricultural Library.

Boozman, Ernst, Bennet fight to make higher education accessible for farm families

Feb. 15 webinar focuses on successful estate planning for farm families