20 U.S.C. § 1087rr: Regulations; updated tables

to prescribe updated tables in accordance with subsections (b) through (g); and with respect to the definition of cost of attendance under section 1087 ll of this title, excluding section 1087 ll (a)(1) of this title. For 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 oo of this title, subclauses (I) and (II) of section 1087pp(b)(1)(A)(iii) of this title , and section 1087qq(b)(3) of this title , 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. The table of the net worth of a farm or business for purposes of making determinations of assets as defined under section 1087vv(f) of this title is the following: 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. by increasing each dollar amount that refers to net worth of a farm or business by a percentage equal to the percentage increase in the Consumer Price Index between April 2020 and the April in the year prior to the beginning of such award year, and rounding the result to the nearest $5,000; and by adjusting the dollar amounts in the column referring to the adjusted net worth to reflect the changes made pursuant to subparagraph (A). the tables of allowances specified in sections 1087 oo (d)(2), 1087pp(c)(2), and 1087qq(c)(2) of this title shall be considered to be for award year 2021–2022 for the purposes of calculating inflation; 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. by increasing each dollar amount that refers to adjusted available income by a percentage equal to the percentage increase in the Consumer Price Index between April 2020 and the April in the year prior to 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). 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 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 oo (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 oo (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. For 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 oo , 1087pp, and 1087qq of this title, pursuant to this section. The amounts and tables specified in sections 1087 oo , 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.