A family farm, small business or fishing business is left out
What the document says“a family farm on which the family resides;”
The section amends section 480(f)(2) of the Higher Education Act of 1965 (20 U.S.C. 1087vv(f)(2)) to add three assets whose net value is left out: a family farm the family lives on, a small business with no more than 100 full-time or equivalent employees owned and controlled by the family, and a commercial fishing business and related expenses, including vessels and permits the family owns and controls.
What the document actually says“a family farm on which the family resides;”
A family farm is left out. The family must live on it.
A small business the family runs is left out too. It may have no more than 100 staff. A fishing business counts as well, with its boats and permits.
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