Page:United States Statutes at Large Volume 100 Part 2.djvu/362

 100 STAT. 1464

qqv fci >^ii es

PUBLIC LAW 99-498—OCT. 17, 1986

appropriate to the tax year of the earnings, up to the maximum statutory social security tax withholding amount for that same tax year. "(4) ASSESSMENT OF AVAILABLE TAXABLE INCOME.—The student's available taxable income (determined in accordance with paragraph (1)(A) of this subsection) is assessed as follows: "(A) if such available taxable income is equal to or ^^ ^ .^ greater than $0 but less than or equal to $8,900, then the assessment is equal to 70 percent of such available taxable income; and "(B) if such available taxable income is greater than Bl $8,900, then the assessment is equal to $6,230 plus 90 percent of such available taxable income in excess of $8,900. "(c) STUDENT'S INCOME SUPPLEMENTAL AMOUNT FROM ASSETS.—

29 USC 1651.

"(1) IN GENERAL.—The student's income supplemental amount from assets is equal to— "(A) the student's net worth (determined in accordance ,1ft with paragraph (2)); minus "(B) the asset protection allowance (determined in accordj If ance with paragraph (3)); multiplied by "(C) the asset conversion rate (determined in accordance 4yv with paragraph (4)). "(2) STUDENT'S NET WORTH.—The student's net worth is calculated by adding— "(A) the current balance of checking and savings accounts and cash on hand; "(B) the net value of investments and real estate, including the net value in the principal place of residence except " ^ in the case of a dislocated worker (certified in accordance with title III of the Job Training Partnership Act) or a dislocated homemaker (as defined in section 480(e) of this Act); and "(C) the adjusted net worth of a business or farm, computed on the basis of the net worth of such business or farm (hereafter referred to as *NW'), determined in accordance with the following table (or a successor table prescribed by the Secretary under section 479): "Adjusted Net Worth of a Business or Farm If the net worth of^ business or farm Less than $1 $l-$65,000 $65,001-$195,000 $195,001-$325,000 $325,001 or more

^hen the adjusted net worth i s $0 40 percent of NW $26,000 plus 50 percent of NW over $65,000 $91,000 plus 60 percent of NW over $195,000 $169,000 plus 100 percent of NW over $325,000

"(3) ASSET PROTECTION ALLOWANCE.—The asset protection allowance is calculated according to the following table:

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