(a) Exemption of certain assets.—Section 480(f)(2) of the Higher Education Act of 1965 (20 U.S.C. 1087vv(f)(2)) 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;
“(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; or
“(D) a commercial fishing business and related expenses, including fishing vessels and permits owned and controlled by the family.”.
(b) Effective date and application.—The amendments made by subsection (a) shall take effect on July 1, 2026, and shall apply with respect to award year 2026–2027 and each subsequent award year, as determined under the Higher Education Act of 1965 (20 U.S.C. 1001 et seq.).