PUBLIC LAW 99-498—OCT. 17, 1986
100 STAT. 1321
"Percentages for Computation of State and Other Tax Allowance—Continued And student's (and spouse's) total income is— If student's State or territory of residence is—
California, Delaware, Idaho, Iowa, Nebraska, North Carolina, Ohio, Pennsylvania, South Carolina, Utah, Vermont, Virginia, Canada, Mexico Maine, New Jersey District of Columbia, Hawaii, Maryland, Massachusetts, Oregon, Rhode Island Michigan, Minnesota , Wisconsin New York
less than $15,000 or $15,000 more then the percentage is-
9 10
8 9
11 12 13 14
10 11 12 13
"(d) TOTAL OFFSETS AGAINST INCOME.—Total offsets
against
income are determined by deducting— "(1) a family size offset equal to the amount specified in the following table: "Family Size Offsets Family members 1 2
Amount $5,300 6,700
"(2) an offset for unusual medical and dental expenses; and "(3) in the case of a married independent student when both the student and spouse were employed in the year for which income is reported, or in the case of a student who qualifies as a head of household as defined in section 2 of the Internal Revenue Code of 1954, an offset for employment expenses. "(e) ASSESSMENT OF EFFECTIVE FAMILY INCOME.—(1) If the effective
family income (as determined under subsection (c)), minus the total offsets (as determined under subsection (d)) is a negative amount, the standard contribution from the student's (and spouse's) income is zero. "(2) If such effective family income is a positive amount, the standard contribution from student's (and spouse's) income is multiplied by 75 percent. "(f) CONTRIBUTION FROM STUDENT'S (AND SPOUSE'S) ASSETS.—(1)
The asset contribution amount of an independent student and the student's spouse is equal to 5 percent of the sum of the amounts computed under paragraphs (3) and (4), reduced by the amount, if any, by which effective family income as computed under subsection (c) is less than zero. If the result of such subtraction is a negative amount, the family asset contribution amount is zero. "(2) The family asset contribution amount of a single independent student is equal to 33 percent of such student's net asset value, reduced by the amount, if any, by which effective family income as computed under subsection (c) is less than zero. If such value minus such amount is a negative amount, the family sisset contribution amount is zero.
26 USC 2.
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