((a)) ** Authority to prescribe regulations restricted** Notwithstanding any other provision of law, the Secretary shall not have the authority to prescribe regulations to carry out this part except—
((1)) to prescribe updated tables in accordance with subsections (b) through (g); and
((2)) with respect to the definition of cost of attendance under section 1087 of this title, excluding section 1087(a)(1) of this title.
((b)) ** Income protection allowance adjustments** For award year 2023–2024 and each subsequent award year, the Secretary shall publish in the Federal Register revised income protection allowances for the purposes of subsections (c)(3) and (g)(2)(C) of section 1087 of this title, subclauses (I) and (II) of , and , by increasing the income protection allowances in each of such provisions, by a percentage equal to the percentage increase in the Consumer Price Index, as defined in subsection (f), between April 2020 and the April in the year prior to the beginning of the award year and rounding the result to the nearest $10.section 1087pp(b)(1)(A)(iii) of this titlesection 1087qq(b)(3) of this titleoo
((c)) ** Adjusted net worth of a farm or business**
((1)) ** Table** The table of the net worth of a farm or business for purposes of making determinations of assets as defined under is the following:
section 1087vv(f) of this title
((2)) ** Revised tables** For award year 2023–2024 and each subsequent award year, the Secretary shall publish in the Federal Register a revised table of the adjusted net worth of a farm or business for purposes of . Such revised table shall be developed—
((A)) by increasing each dollar amount that refers to net worth of a farm or business by a percentage equal to the percentage increase in the Consumer Price Index between April 2020 and the April in the year prior to the beginning of such award year, and rounding the result to the nearest $5,000; and
((B)) by adjusting the dollar amounts in the column referring to the adjusted net worth to reflect the changes made pursuant to subparagraph (A).
((d)) ** Asset protection allowance** For award year 2023–2024 and each subsequent award year, the Secretary shall publish in the Federal Register a revised table of allowances for the purpose of sections 1087(d)(2), 1087pp(c)(2), and 1087qq(c)(2) of this title. Such revised table shall be developed by determining the present value cost, rounded to the nearest $100, of an annuity that would provide, for each age cohort of 40 and above, a supplemental income at age 65 (adjusted for inflation) equal to the difference between the moderate family income (as most recently determined by the Bureau of Labor Statistics), and the current average social security retirement benefits. For each age cohort below 40, the allowance shall be computed by decreasing the allowance for age 40, as updated, by one-fifteenth for each year of age below age 40 and rounding the result to the nearest $100. In making such determinations—
((1)) the tables of allowances specified in sections 1087(d)(2), 1087pp(c)(2), and 1087qq(c)(2) of this title shall be considered to be for award year 2021–2022 for the purposes of calculating inflation;
((2)) inflation shall be presumed to be 6 percent per year;
((3)) the rate of return of an annuity shall be presumed to be 8 percent; and
((4)) the sales commission on an annuity shall be presumed to be 6 percent.
((e)) ** Assessment schedules and rates** For award year 2023–2024 and each subsequent award year, the Secretary shall publish in the Federal Register a revised table of assessments from adjusted available income for the purpose of sections 1087(e) and 1087qq(d) of this title. Such revised table shall be developed—
((1)) by increasing each dollar amount that refers to adjusted available income by a percentage equal to the percentage increase in the Consumer Price Index between April 2020 and the April in the year prior to the beginning of such academic year, rounded to the nearest $100; and
((2)) by adjusting the other dollar amounts to reflect the changes made pursuant to paragraph (1).
((f)) ** Consumer price index defined** In this section, the term “Consumer Price Index” means the Consumer Price Index for All Urban Consumers published by the Department of Labor. Each annual update of tables to reflect changes in the Consumer Price Index shall be corrected for misestimation of actual changes in such Index in previous years.
((g)) ** Employment expense allowance** For award year 2023–2024 and each succeeding award year, the Secretary shall publish in the Federal Register a revised table of employment expense allowances for the purpose of sections 1087(c)(4), 1087pp(b)(3), and 1087qq(b)(4) of this title. Such revised table shall be developed by increasing the dollar amount specified in sections 1087(c)(4), 1087pp(b)(3), and 1087qq(b)(4) of this title by a percentage equal to the percentage increase in the Consumer Price Index, as defined in subsection (f), between April 2020 and the April in the year prior to the beginning of the award year and rounding the result to the nearest $10.oooo
((h)) ** Clarification for award year 2023–2024** For award year 2023–2024, the Secretary shall determine adjusted amounts and prescribe revised tables with respect to the income protection, employment expense, and asset protection allowances and the assessment schedules under sections 1087, 1087pp, and 1087qq of this title, pursuant to this section. The amounts and tables specified in sections 1087, 1087pp, and 1087qq of this title with respect to such allowances and schedules shall only be used by the Secretary as a baseline for adjustments and table revisions prescribed in accordance with this section.oooo