Source: https://www.law.cornell.edu/uscode/text/20/1087rr
Timestamp: 2020-02-17 09:57:06
Document Index: 174839879

Matched Legal Cases: ['§ 1087', '§\u202f1087', '§\u202f478', '§\u202f406', '§\u202f14', '§\u202f471', '§\u202f2', '§\u202f476', '§\u202f8017', '§\u202f601', '§\u202f601', '§\u202f601', '§\u202f8017', '§\u202f8017', '§\u202f8017', '§\u202f2', '§\u202f2', '§\u202f2', '§\u202f2', '§\u202f14', '§\u202f14', '§\u202f14']

20 U.S. Code § 1087rr - Regulations; updated tables | U.S. Code | US Law | LII / Legal Information Institute
Section 1087rr. Regulations; updated tables
20 U.S. Code § 1087rr. Regulations; updated tables
to prescribe updated tables in accordance with subsections (b) through (h) of this section; or
to propose modifications in the need analysis methodology required by this part.
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.
(c) Adjusted net worth of a farm or businessFor each award year after award year 1993–1994, 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—
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
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 allowanceFor each award year after award year 1993–1994, 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—
inflation shall be presumed to be 6 percent per year;
the rate of return of an annuity shall be presumed to be 8 percent; and
the sales commission on an annuity shall be presumed to be 6 percent.
(e) Assessment schedules and ratesFor each award year after award year 1993–1994, 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—
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
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.
For each award year after award year 1993–1994, 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 Treasury’s Statistics of Income file and determination of the percentage of income that each State’s taxes represent.
(Pub. L. 89–329, title IV, § 478, as added Pub. L. 99–498, title IV, § 406(a), Oct. 17, 1986, 100 Stat. 1470; amended Pub. L. 100–50, § 14(20)–(22), June 3, 1987, 101 Stat. 351, 352; Pub. L. 102–325, title IV, § 471(a), July 23, 1992, 106 Stat. 602; Pub. L. 103–208, § 2(g)(8), (9), Dec. 20, 1993, 107 Stat. 2472; Pub. L. 105–244, title IV, § 476, Oct. 7, 1998, 112 Stat. 1730; Pub. L. 109–171, title VIII, § 8017(d), (e), Feb. 8, 2006, 120 Stat. 173, 174; Pub. L. 110–84, title VI, § 601(d), Sept. 27, 2007, 121 Stat. 803.)
2007—Subsec. (b)(1). Pub. L. 110–84, § 601(d)(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 1087oo(c)(4) and 1087qq(b)(4) of this title.
Subsec. (b)(2). Pub. L. 110–84, § 601(d)(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.”
2006—Subsec. (b)(1). Pub. L. 109–171, § 8017(d)(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 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.”
Subsec. (b)(2). Pub. L. 109–171, § 8017(d)(2), substituted “2007–2008” for “2000–2001” and “2006” for “1999”.
Subsec. (h). Pub. L. 109–171, § 8017(e), 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”.
1993—Subsec. (b). Pub. L. 103–208, § 2(g)(8)(A), substituted “1993–1994” for “1992–1993”.
Subsec. (c). Pub. L. 103–208, § 2(g)(8), substituted “1993–1994” for “1992–1993” in introductory provisions and inserted “December” before “1992” in par. (1).
Subsecs. (d), (e), (g). Pub. L. 103–208, § 2(g)(8)(A), substituted “1993–1994” for “1992–1993”.
Subsec. (h). Pub. L. 103–208, § 2(g)(8)(A), (9), substituted “1993–1994” for “1992–1993” and “Bureau of Labor Statistics” for “Bureau of Labor Standards”.
1987—Subsec. (c)(2). Pub. L. 100–50, § 14(21), substituted “ ‘$24,000’, ‘$84,000’, and ‘$156,000’ ” for “ ‘$26,000’, ‘$91,000’, and ‘$169,000’ ”.
Subsec. (d). Pub. L. 100–50, § 14(20), 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.”
Subsec. (f). Pub. L. 100–50, § 14(22), substituted “Consumer Price Index for All Urban Consumers” for “Consumer Price Index for Wage Earners and Clerical Workers”.