PUBLIC LAW 100-50—JUNE 3, 1987
101 STAT. 355
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"(2) welfare benefits, including aid to families with dependent children under a State plan approved under part A of title IV of the Social Security Act and aid to dependent children; "(3) workman's compensation; "(4) veterans' benefits such as death pension, dependency and indemnity compensation, but excluding veterans' education ^ benefits; "(5) interest on tax-free bonds; "(6) housing, food, and other allowances (excluding rent sub' sidies for low-income housing) for military, clergy, and others (including cash payments and cash value of benefits); "• "(7) cash support or any money paid on the student's behalf; "(8) the amount of earned income credit claimed for Federal income tax purposes;
"(9) untaxed portion of pensions; f "(10) credit for Federal tax on special fuels;
"(11) the amount of foreign income excluded for purposes of ^ Federal income taxes; L "(12) untaxed social security benefits; ' "(13) payments to individual retirement accounts and Keogh ^ accounts excluded from income for Federal income tax purposes; and "(14) any other untaxed income and benefits, such as Black Lung Benefits, Refugee Assistance, railroad retirement benefits, or Job Training Partnership Act noneducational benefits."; (F) in subsection (d)(2)(F), by striking out "an annual total oo«> income" and by inserting in lieu thereof "annual total resources (including all sources of resources other than parents)"; and (G) by inserting after subsection (e) the following new 'P subsections: "(f) EXCLUDABLE INCOME.—The term 'excludable income' means— "(1) any unemployment compensation received by a dislocated r worker certified in accordance with title III of the Job Training Partnership Act; and "(2) 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. "(g) ASSETS.—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. "(h) NET ASSETS.—The term 'net assets' means the current market value at the time of application of the assets included in the definition of 'assets', minus the outstanding liabilities or indebtedness against the assets.". SEC. 15. GENERAL PROVISIONS. Part G of title IV of the Act is amended— I (1) in section 481(c), by striking out "subsection (d) of this I section" and inserting in lieu thereof "section 484(d)"; (2) in section 482(b)— 1 (A) by striking out "or 442(e)" and inserting ", 442(e), or It 4620)"; and
91-194 O - 90 - 13: QL.3 Part 1
42 USC 601.
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AJ'V.
29 USC 1501 note. tn Q i
29 USC 1651.
20 USC 1088. 20 USC 1089.
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