20 U.S.C. § 1087rr : US Code - Section 1087RR: Regulations; updated tables

Search 20 U.S.C. § 1087rr : US Code - Section 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 1993-1994, 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.
(2) Revised amounts
For each academic year after academic year 2000-2001, 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 1999 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 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 -
(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 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 -
(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 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 -
(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.
(g) State and other tax allowance
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.
(h) Employment expense allowance
For each award year after award year 1993-1994, 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),
1087pp(b)(4)(B), 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 meals away
from home, apparel and upkeep, transportation, and housekeeping
services for a two-worker versus one-worker family.