Page:United States Statutes at Large Volume 106 Part 1.djvu/640

 106 STAT. 608 PUBLIC LAW 102-325—JULY 23, 1992 "(e) EXCLUDABLE INCOME. —The term 'excludable income' means— "(1) any student financial assistance awarded based on need as determined in accordance with the provisions of this part, including any income earned from work under part C of this title; "(2) any living allowance received by a participant in a program established under the National and Community Service Act of 1990; "(3) child support payments made by the student or parent; and "(4) payments made and services provided under part E of title IV of the Social Security Act. "(f) ASSETS. —(l)The term 'assets'means cash on hand,.including the amount in checking and savings accounts, time deposits, money market funds, trusts, stocks, bonds, other securities, mutual funds, tax shelters, and the net value of real estate, income producing property, and business and farm assets. "(2) With respect to determinations of need under this title, other than for subpart 4 of part A, the term 'assets' shall not include the net value of— "(A) the famil^s principal place of residence; or "(B) a family farm on which the family resides. "(g) NET ASSETS. —The term 'net assets' means the current market value at the time of application of the assets (as defined in subsection (f)), minus the outstanding Uabilities or indebtedness against the assets. "(h) TREATMENT OF INCOME TAXES PAID TO OTHER JURISDIC- TIONS. —(1) The tax on income paid to the Governments of the Commonwesdth of Puerto Rico, Guam, American Samoa, the Virgin Islands, or the Commonwealtii of the Northern Mariana Islands, the Republic of the Marshall Islands, the Federated States of Micronesia, or Palau under the laws applicable to those jurisdictions, or the comparable tax paid to the central government of a foreign country, shall be treated as Federal income taxes. "(2) References in this part to the Internal Revenue Code of 1986, Federal income tax forms, and the Internal Revenue Service shall, for purposes of the tax described in paragraph (1), be treated as references to the corresponding laws, tax forms, and tax collection agencies of those jurisdictions, respectively, subject to such adjustments as the Secretary may provide by regulation. "(i) CURRENT BALANCE.— The term 'current balance of checking and saving^ accounts' does not include any funds over which an individual is barred from exercising discretion and control because of the actions of any State in declaring a bank emergency due to the insolvency of a private deposit insurance fund. "(j) OTHER FINANCIAL ASSISTANCE; TUITION PREPAYMENT PLANS.— (1) For purposes of determining a student's eligibility for funds under tms title, estimated financial assistance not received under this title shall include all scholarships, grants, loans, or other assistance known to the institution at the time the determination of the student's need is made, including veterans' education benefits as defined in subsection (c). "(2)(A) Except as provided in subparagraph (B), for purposes of determining a student's eligibility for funds under this title, tuition prepayment plans shall reduce the cost of attendance (as determined under section 472) by the amount of the prepayment, and shall not be considered estimated financial assistance.

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