20 USC 1087rr - Regulations; updated tables
(a) Authority to prescribe regulations restricted
(1) Notwithstanding any other provision of law, the Secretary shall not have the authority to prescribe regulations to carry out this part except
(A) to prescribe updated tables in accordance with subsections (b) through (h) of this section; or
(B) to propose modifications in the need analysis methodology required by this part.
(2) Any regulation proposed by the Secretary that
(A) updates tables in a manner that does not comply with subsections (b) through (h) of this section, or
(B) that proposes modifications under paragraph (1)(B) of this subsection, shall not be effective unless approved by joint resolution of the Congress by May 1 following the date such regulations are published in the Federal Register in accordance with section 1089 of this title. If the Congress fails to approve such regulations by such May 1, the Secretary shall publish in the Federal Register in accordance with section 1089 of this title updated tables for the applicable award year that are prescribed in accordance with subsections (b) through (h) of this section.
(b) Income protection allowance
(1) Revised tables
For each academic year after academic year 19931994, the Secretary shall publish in the Federal Register a revised table of income protection allowances for the purpose of sections 1087oo (c)(4) and 1087qq (b)(4) of this title. Such revised table shall be developed by increasing each of the dollar amounts contained in the table in each such section by a percentage equal to the estimated percentage increase in the Consumer Price Index (as determined by the Secretary) between December 1992 and the December next preceding the beginning of such academic year, and rounding the result to the nearest $10. For the 20072008 academic year, the Secretary shall revise the tables in accordance with this paragraph, except that the Secretary shall increase the amounts contained in the table in section 1087qq (b)(4) of this title by a percentage equal to the greater of the estimated percentage increase in the Consumer Price Index (as determined under the preceding sentence) or 5 percent.
For each academic year after academic year 19931994, the Secretary shall publish in the Federal Register a revised table of income protection allowances for the purpose of sections 1087oo (c)(4) and 1087qq (b)(4) of this title. Such revised table shall be developed by increasing each of the dollar amounts contained in the table in each such section by a percentage equal to the estimated percentage increase in the Consumer Price Index (as determined by the Secretary) between December 1992 and the December next preceding the beginning of such academic year, and rounding the result to the nearest $10. For the 20072008 academic year, the Secretary shall revise the tables in accordance with this paragraph, except that the Secretary shall increase the amounts contained in the table in section 1087qq (b)(4) of this title by a percentage equal to the greater of the estimated percentage increase in the Consumer Price Index (as determined under the preceding sentence) or 5 percent.
(2) Revised amounts
For each academic year after academic year 20072008, the Secretary shall publish in the Federal Register revised income protection allowances for the purpose of sections 1087oo (g)(2)(D) and 1087pp (b)(1)(A)(iv) of this title. Such revised allowances shall be developed by increasing each of the dollar amounts contained in such section by a percentage equal to the estimated percentage increase in the Consumer Price Index (as determined by the Secretary) between December 2006 and the December next preceding the beginning of such academic year, and rounding the result to the nearest $10.
For each academic year after academic year 20072008, the Secretary shall publish in the Federal Register revised income protection allowances for the purpose of sections 1087oo (g)(2)(D) and 1087pp (b)(1)(A)(iv) of this title. Such revised allowances shall be developed by increasing each of the dollar amounts contained in such section by a percentage equal to the estimated percentage increase in the Consumer Price Index (as determined by the Secretary) between December 2006 and the December next preceding the beginning of such academic year, and rounding the result to the nearest $10.
(c) Adjusted net worth of a farm or business
For each award year after award year 19931994, the Secretary shall publish in the Federal Register a revised table of adjusted net worth of a farm or business for purposes of sections 1087oo (d)(2)(C), 1087pp (c)(2)(C), and 1087qq (c)(2)(C) of this title. Such revised table shall be developed
For each award year after award year 19931994, the Secretary shall publish in the Federal Register a revised table of adjusted net worth of a farm or business for purposes of sections 1087oo (d)(2)(C), 1087pp (c)(2)(C), and 1087qq (c)(2)(C) of this title. Such revised table shall be developed
(1) by increasing each dollar amount that refers to net worth of a farm or business by a percentage equal to the estimated percentage increase in the Consumer Price Index (as determined by the Secretary) between December 1992 and the December next preceding the beginning of such award year, and rounding the result to the nearest $5,000; and
(2) by adjusting the dollar amounts $30,000, $105,000, and $195,000 to reflect the changes made pursuant to paragraph (1).
(d) Education savings and asset protection allowance
For each award year after award year 19931994, the Secretary shall publish in the Federal Register a revised table of allowances for the purpose of sections 1087oo (d)(3), 1087pp (c)(3), and 1087qq (c)(3) of this title. Such revised table shall be developed by determining the present value cost, rounded to the nearest $100, of an annuity that would provide, for each age cohort of 40 and above, a supplemental income at age 65 (adjusted for inflation) equal to the difference between the moderate family income (as most recently determined by the Bureau of Labor Statistics), and the current average social security retirement benefits. For each age cohort below 40, the allowance shall be computed by decreasing the allowance for age 40, as updated, by one-fifteenth for each year of age below age 40 and rounding the result to the nearest $100. In making such determinations
For each award year after award year 19931994, the Secretary shall publish in the Federal Register a revised table of allowances for the purpose of sections 1087oo (d)(3), 1087pp (c)(3), and 1087qq (c)(3) of this title. Such revised table shall be developed by determining the present value cost, rounded to the nearest $100, of an annuity that would provide, for each age cohort of 40 and above, a supplemental income at age 65 (adjusted for inflation) equal to the difference between the moderate family income (as most recently determined by the Bureau of Labor Statistics), and the current average social security retirement benefits. For each age cohort below 40, the allowance shall be computed by decreasing the allowance for age 40, as updated, by one-fifteenth for each year of age below age 40 and rounding the result to the nearest $100. In making such determinations
(1) inflation shall be presumed to be 6 percent per year;
(2) the rate of return of an annuity shall be presumed to be 8 percent; and
(3) the sales commission on an annuity shall be presumed to be 6 percent.
(e) Assessment schedules and rates
For each award year after award year 19931994, the Secretary shall publish in the Federal Register a revised table of assessments from adjusted available income for the purpose of sections 1087oo (e) and 1087qq (d) of this title. Such revised table shall be developed
For each award year after award year 19931994, the Secretary shall publish in the Federal Register a revised table of assessments from adjusted available income for the purpose of sections 1087oo (e) and 1087qq (d) of this title. Such revised table shall be developed
(1) by increasing each dollar amount that refers to adjusted available income by a percentage equal to the estimated percentage increase in the Consumer Price Index (as determined by the Secretary) between December 1992 and the December next preceding the beginning of such academic year, rounded to the nearest $100; and
(2) by adjusting the other dollar amounts to reflect the changes made pursuant to paragraph (1).
(f) “Consumer Price Index” defined
As used in this section, the term Consumer Price Index means the Consumer Price Index for All Urban Consumers published by the Department of Labor. Each annual update of tables to reflect changes in the Consumer Price Index shall be corrected for misestimation of actual changes in such Index in previous years.
As used in this section, the term Consumer Price Index means the Consumer Price Index for All Urban Consumers published by the Department of Labor. Each annual update of tables to reflect changes in the Consumer Price Index shall be corrected for misestimation of actual changes in such Index in previous years.
(g) State and other tax allowance
For each award year after award year 19931994, the Secretary shall publish in the Federal Register a revised table of State and other tax allowances for the purpose of sections 1087oo (c)(2), 1087oo (g)(3), 1087pp (b)(2), and 1087qq (b)(2) of this title. The Secretary shall develop such revised table after review of the Department of the Treasurys Statistics of Income file and determination of the percentage of income that each States taxes represent.
For each award year after award year 19931994, the Secretary shall publish in the Federal Register a revised table of State and other tax allowances for the purpose of sections 1087oo (c)(2), 1087oo (g)(3), 1087pp (b)(2), and 1087qq (b)(2) of this title. The Secretary shall develop such revised table after review of the Department of the Treasurys Statistics of Income file and determination of the percentage of income that each States taxes represent.
(h) Employment expense allowance
For each award year after award year 19931994, the Secretary shall publish in the Federal Register a revised table of employment expense allowances for the purpose of sections 1087oo (c)(5), 1087pp (b)(4), and 1087qq (b)(5) of this title. Such revised table shall be developed by increasing the dollar amount specified in sections 1087oo (c)(5)(A), 1087oo (c)(5)(B), 1087pp (b)(4)(A), 1087qq (b)(5)(A), and 1087qq (b)(5)(B) of this title to reflect increases in the amount and percent of the Bureau of Labor Statistics budget of the marginal costs for food away from home, apparel, transportation, and household furnishings and operations for a two-worker versus one-worker family.
For each award year after award year 19931994, the Secretary shall publish in the Federal Register a revised table of employment expense allowances for the purpose of sections 1087oo (c)(5), 1087pp (b)(4), and 1087qq (b)(5) of this title. Such revised table shall be developed by increasing the dollar amount specified in sections 1087oo (c)(5)(A), 1087oo (c)(5)(B), 1087pp (b)(4)(A), 1087qq (b)(5)(A), and 1087qq (b)(5)(B) of this title to reflect increases in the amount and percent of the Bureau of Labor Statistics budget of the marginal costs for food away from home, apparel, transportation, and household furnishings and operations for a two-worker versus one-worker family.