Sec. 474. Definitions of total income and assets
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Section 480 ( 20 U.S.C. 1087vv ) is amended— in subsection (a)(1), by striking subparagraph
(B)and inserting the following: Notwithstanding section 478(a), the Secretary shall provide for the use of data from the second preceding tax year to carry out the simplification of applications (including simplification for a subset of applications) used for the estimation and determination of financial aid eligibility. Such simplification shall include the sharing of data between the Internal Revenue Service and the Department, pursuant to the consent of the taxpayer. ; and in subsection (f)— in paragraph (2)— in subparagraph (B), by striking or at the end; in subparagraph (C), by striking the period at the end and inserting ; or ; and by adding at the end the following: a qualified tuition program (as defined in section 529(b)(1)(A) of the Internal Revenue Code of 1986). ; and in paragraph (5)(A)(i), by striking qualified tuition program (as defined in . section 529(b)(1)(A) of the Internal Revenue Code of 1986) or other
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Sec. 474
Definitions of total income and assets
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