[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 162 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 162

To amend the Higher Education Act of 1965 to prevent double-counting of 
 income in the conduct of needs analysis for student assistance under 
                               that Act.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 4, 1995

 Mr. Solomon introduced the following bill; which was referred to the 
          Committee on Economic and Educational Opportunities

_______________________________________________________________________

                                 A BILL


 
To amend the Higher Education Act of 1965 to prevent double-counting of 
 income in the conduct of needs analysis for student assistance under 
                               that Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PREVENTION OF DOUBLE-COUNTING OF INCOME IN ASSET 
              COMPUTATIONS.

    (a) Pell Grant Program.--Section 411F(2) of the Higher Education 
Act of 1965 (20 U.S.C. 1070a-6(2)) is amended by adding at the end 
thereof the following: ``No property (or interest therein) shall be 
treated as an asset of an individual or family if that individual or 
family has obtained that property or interest with funds that are 
treated, for purposes of this subpart, as part of that individual's or 
family's effective family income.''.
    (b) Other Student Assistance Programs.--Section 480(g) of such Act 
(20 U.S.C. 1087vv(g)) is amended by adding at the end thereof the 
following: ``No property (or interest therein) shall be treated as part 
of the net worth of an individual or family if that individual or 
family has obtained that property or interest with funds that are 
treated, for purposes of this part, as part of that individual's or 
family's available income.''.

SEC. 2. EFFECTIVE DATE.

    The amendments made by this Act shall be effective for academic 
years beginning after the date of enactment of this Act.
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