Authority to prescribe regulations restricted
Income protection allowance adjustments
oosection 1087pp(b)(1)(A)(iii) of this titlesection 1087qq(b)(3) of this titleFor award year 2023–2024 and each subsequent award year, the Secretary shall publish in the Federal Register revised income protection allowances for the purposes of subsections (c)(3) and (g)(2)(C) of section 1087 of this title, subclauses (I) and (II) of , and , by increasing the income protection allowances in each of such provisions, by a percentage equal to the percentage increase in the Consumer Price Index, as defined in subsection (f), between April 2020 and the April in the year prior to the beginning of the award year and rounding the result to the nearest $10.
Adjusted net worth of a farm or business
Table
section 1087vv(f) of this title
|
Farm/Business Net Worth Adjustment |
|
|---|---|
If the net worth of a farm or business is— | Then the adjusted net worth is— |
Less than $1 | $0 |
$1 to $140,000 | 40% of net worth of farm/business |
$140,001 to $415,000 | $56,000 + 50% of net worth over $140,000 |
$415,001 to $695,000 | $193,500 + 60% of net worth over $415,000 |
$695,001 or more | $361,500 + 100% of net worth over $695,000. |
Revised tables
Asset protection allowance
Assessment schedules and rates
Consumer price index defined
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.
Employment expense allowance
ooooFor award year 2023–2024 and each succeeding award year, the Secretary shall publish in the Federal Register a revised table of employment expense allowances for the purpose of sections 1087(c)(4), 1087pp(b)(3), and 1087qq(b)(4) of this title. Such revised table shall be developed by increasing the dollar amount specified in sections 1087(c)(4), 1087pp(b)(3), and 1087qq(b)(4) of this title by a percentage equal to the percentage increase in the Consumer Price Index, as defined in subsection (f), between April 2020 and the April in the year prior to the beginning of the award year and rounding the result to the nearest $10.
Clarification for award year 2023–2024
ooooFor award year 2023–2024, the Secretary shall determine adjusted amounts and prescribe revised tables with respect to the income protection, employment expense, and asset protection allowances and the assessment schedules under sections 1087, 1087pp, and 1087qq of this title, pursuant to this section. The amounts and tables specified in sections 1087, 1087pp, and 1087qq of this title with respect to such allowances and schedules shall only be used by the Secretary as a baseline for adjustments and table revisions prescribed in accordance with this section.
Pub. L. 89–329, title IV, § 478Pub. L. 99–498, title IV, § 406(a)100 Stat. 1470Pub. L. 100–50, § 14(20)101 Stat. 351Pub. L. 102–325, title IV, § 471(a)106 Stat. 602Pub. L. 103–208, § 2(g)(8)107 Stat. 2472Pub. L. 105–244, title IV, § 476112 Stat. 1730Pub. L. 109–171, title VIII, § 8017(d)120 Stat. 173Pub. L. 110–84, title VI, § 601(d)121 Stat. 803Pub. L. 116–260, div. FF, title VII, § 702(g)134 Stat. 3150(, as added , , ; amended –(22), , , 352; , , ; , (9), , ; , , ; , (e), , , 174; , , ; , , .)
Editorial Notes
Amendments
Pub. L. 116–2602020— amended section generally. Prior to amendment, section related to authority to update certain tables, including a revised table of State and other tax allowances, and authority to propose modifications in need analysis methodology.
Pub. L. 110–84, § 601(d)(1)oo2007—Subsec. (b)(1). , added par. (1) and struck out former par. (1). Prior to amendment, par. (1) required the Secretary to publish in the Federal Register, for each academic year after academic year 1993–1994, a revised table of income protection allowances for the purpose of sections 1087(c)(4) and 1087qq(b)(4) of this title.
Pub. L. 110–84, § 601(d)(2)Subsec. (b)(2). , substituted “shall be developed for each academic year after academic year 2012–2013, by increasing each of the dollar amounts contained in such section for academic year 2012–2013 by a percentage equal to the estimated percentage increase in the Consumer Price Index (as determined by the Secretary) between December 2011 and the December next preceding the beginning of such academic year, and rounding the result to the nearest $10.” for “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.”
Pub. L. 109–171, § 8017(d)(1)section 1087qq(b)(4) of this title2006—Subsec. (b)(1). , inserted at end “For the 2007–2008 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 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.”
Pub. L. 109–171, § 8017(d)(2)Subsec. (b)(2). , substituted “2007–2008” for “2000–2001” and “2006” for “1999”.
Pub. L. 109–171, § 8017(e)Subsec. (h). , struck out “1087pp(b)(4)(B),” after “1087pp(b)(4)(A),” and substituted “food away from home, apparel, transportation, and household furnishings and operations” for “meals away from home, apparel and upkeep, transportation, and housekeeping services”.
Pub. L. 105–2441998—Subsec. (b). designated existing provisions as par. (1), inserted heading, and added par. (2).
Pub. L. 103–208, § 2(g)(8)(A)1993—Subsec. (b). , substituted “1993–1994” for “1992–1993”.
Pub. L. 103–208, § 2(g)(8)Subsec. (c). , substituted “1993–1994” for “1992–1993” in introductory provisions and inserted “December” before “1992” in par. (1).
Pub. L. 103–208, § 2(g)(8)(A)Subsecs. (d), (e), (g). , substituted “1993–1994” for “1992–1993”.
Pub. L. 103–208, § 2(g)(8)(A)Subsec. (h). , (9), substituted “1993–1994” for “1992–1993” and “Bureau of Labor Statistics” for “Bureau of Labor Standards”.
Pub. L. 102–3251992— amended section generally, revising and restating as subsecs. (a) to (h) provisions formerly contained in subsecs. (a) to (f).
Pub. L. 100–50, § 14(21)1987—Subsec. (c)(2). , substituted “ ‘$24,000’, ‘$84,000’, and ‘$156,000’ ” for “ ‘$26,000’, ‘$91,000’, and ‘$169,000’ ”.
Pub. L. 100–50, § 14(20)Subsec. (d). , inserted “, rounded to the nearest $100,” after “present value cost” and “of 40 and above” after “each age cohort” in second sentence and, after second sentence, inserted “For each age cohort below 40, the asset protection allowance shall be computed by decreasing the asset protection 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.”
Pub. L. 100–50, § 14(22)Subsec. (f). , substituted “Consumer Price Index for All Urban Consumers” for “Consumer Price Index for Wage Earners and Clerical Workers”.
Statutory Notes and Related Subsidiaries
Effective Date of 2020 Amendment
Pub. L. 116–260section 701(b) of Pub. L. 116–260section 1001 of this titleAmendment by effective , except as otherwise expressly provided, and applicable with respect to award year 2024–2025 and each subsequent award year, as determined under this chapter, see , set out as a note under .
Effective Date of 2007 Amendment
Pub. L. 110–84section 601(e) of Pub. L. 110–84ooAmendment by effective , see , set out as a note under section 1087 of this title.
Effective Date of 2006 Amendment
Pub. L. 109–171section 8001(c) of Pub. L. 109–171section 1002 of this titleAmendment by effective , except as otherwise provided, see , set out as a note under .
Effective Date of 1998 Amendment
Pub. L. 105–244section 480A of Pub. L. 105–244section 1087kk of this titleAmendment by effective , see , set out as a note under .
Effective Date of 1993 Amendment
Pub. L. 103–208Pub. L. 102–325section 5(a) of Pub. L. 103–208section 1051 of this titleAmendment by effective as if included in the Higher Education Amendments of 1992, , except as otherwise provided, see , set out as a note under .
Effective Date of 1992 Amendment
Pub. L. 102–325section 471(b) of Pub. L. 102–325section 1087kk of this titleAmendment by applicable with respect to determinations of need under this part for award years beginning on or after , see , set out as a note under .
Effective Date of 1987 Amendment
Pub. L. 100–50Pub. L. 99–498section 27 of Pub. L. 100–50section 1001 of this titleAmendment by effective as if enacted as part of the Higher Education Amendments of 1986, , see , set out as a note under .