§ 1-115.

360 words·~2 min read·/vt/1-115-2

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§ 1-115. Adjustment of dollar amounts

(a)From time to time, the dollar amounts specified in section 1-203 of this title shall change as provided in subsections

(b)and

(c)of this section according to and to the extent of changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers: U.S. City Average, All Items 1967 = 100, compiled by the Bureau of Labor Statistics, U.S. Department of Labor (the “Index”). The Index for December 1990, which was 401, is the Reference Base Index.

(b)The dollar amount specified in section 1-203 of this title and any amount stated in the declaration pursuant to that section shall change annually on July 1 if the percentage of change, calculated to the nearest whole percentage point, between the Index at the end of the preceding year and the Reference Base Index is 10 percent or more, but:

(1)the portion of the percentage change in the Index in excess of a multiple of 10 percent shall be disregarded and the dollar amounts shall change only in multiples of 10 percent of the amounts appearing in this title on January 1, 1999;

(2)the dollar amounts shall not change if the amounts required by this section are those currently in effect pursuant to this title as a result of earlier application of this section; and

(3)in no event shall the dollar amounts be reduced below the amounts appearing in this title on the date of enactment.

(c)If the Index is revised after December 1979, the percentage of change pursuant to this section shall be calculated on the basis of the revised Index. If the revision of the Index changes the Reference Base Index, a revised Reference Base Index shall be determined by multiplying the Reference Base Index then applicable by the rebasing factor furnished by the Bureau of Labor Statistics. If the Index is superseded, the Index referred to in this section is the one represented by the Bureau of Labor Statistics as reflecting most accurately changes in the purchasing power of the dollar for consumers. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)