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Code · BILL · 119th Congress · H.R. 7767 (Introduced in House) — To amend the Internal Revenue Code of 1986 to impose an annual tax on the net value of assets held by a taxpayer, and... · Sec. 702

Sec. 702. Definitions

566 words·~3 min read·/bill/119/hr/7767/ih/section-702

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In this title: The terms elementary school , outlying area , and secondary school have the meanings given those terms in section 8101 of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7801 ). The term annual adjustment percentage , with respect to a fiscal year, means a percentage equal to the estimated percentage change in the Consumer Price Index, as determined by the Secretary, for the most recent calendar year ending prior to the beginning of such fiscal year.
The term annual base salary — means the base salary, calculated as an annual rate of pay, of a full-time teacher; and excludes— any additional compensation earned by the teacher for taking on additional responsibilities (such as coaching or teaching during the summer or after school); and bonuses, stipends, and awards. The term average teacher salary baselines means, for each of the following years of service as teachers, the average annual base salaries of all full-time teachers employed by local educational agencies in the State: 0 years, or starting teacher salaries. 3 years. 5 years. 10 years. 15 years. 20 years. 25 years.
The term Consumer Price Index has the meaning given the term in section 478(f) of the Higher Education Act of 1965 ( 20 U.S.C. 1087rr(f) ). The term minimum salary for teachers means an amount, determined by the State, that all full-time teachers employed by a local educational agency are, at a minimum, required by the State to be compensated by such agency as their annual base salary, and which— for teachers in their first year of teaching, shall be an annual rate of pay that is not less than the amount described in subsection (b); and for teachers with more than 2 years of experience, shall be an annual rate of pay that— is greater than the amount described in subsection (b); and increases as the experience of a teacher increases.
The term Secretary means the Secretary of Education. The term teacher means— an employee of a local educational agency— with a primary duty of teaching and who is employed and engaged in teaching in a public elementary school or secondary school served by such agency and is not a substitute teacher; who fully meets all applicable public elementary school or secondary school teacher certification and licensure requirements of the State in which the school is located; and if the teacher is a special education teacher, who meets the qualifications described in section 612(a)(14)(C) of the Individuals with Disabilities Education Act; and other full-time public elementary school or secondary school personnel employed by a local educational agency whose annual base salary is determined in accordance with such agency’s salary schedule or system for a full-time teacher.
For each fiscal year, the amount described in subsection (a)(6)(A) shall be determined under this subsection. For each of fiscal years 2027 through 2031, the amount described in subsection (a)(6)(A) is $60,000. For the fiscal year period 2032 through 2036 and for each subsequent 5 fiscal year period, the amount described in subsection (a)(6)(A) shall be adjusted for inflation as described in subparagraph (B). The amount shall be equal to the amount applicable for the previous 5 fiscal year period, increased by the greater of— the aggregate annual adjustment percentage over the previous 5 fiscal years; or 2 percent of the amount applicable under this subsection for the previous 5 fiscal year period.
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Sec. 702
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