Income .—

The term “income” means, with respect to a family, income received from all sources by each member of the household who is 18 years of age or older or is the head of household or spouse of the head of the household, plus unearned income by or on behalf of each dependent who is less than 18 years of age, as determined in accordance with criteria prescribed by the Secretary, in consultation with the Secretary of Agriculture, subject to the following requirements:

(A) Included amounts .— Such term includes recurring gifts and receipts, actual income from assets, and profit or loss from a business.

(B) Excluded amounts .— Such term does not include— (i) any imputed return on assets, except to the extent that net family assets exceed $50,000, except that such amount (as it may have been previously adjusted) shall be adjusted for inflation annually by the Secretary in accordance with an inflationary index selected by the Secretary; (ii) any amounts that would be eligible for exclusion under section 1613(a)(7) of the Social Security Act ( 42 U.S.C. 1382b(a)(7) ); (iii) deferred disability benefits from the Department of Veterans Affairs that are received in a lump sum amount or in prospective monthly amounts; (iv) any expenses related to aid and attendance under section 1521 of title 38 to veterans who are in need of regular aid and attendance; and (v) exclusions from income as established by the Secretary by regulation or notice, or any amount required by Federal law to be excluded from consideration as income.

(C) Earned income of students .— Such term does not include— (i) earned income, up to an amount as the Secretary may by regulation establish, of any dependent earned during any period that such dependent is attending school or vocational training on a full-time basis; or (ii) any grant-in-aid or scholarship amounts related to such attendance used— (I) for the cost of tuition or books; or (II) in such amounts as the Secretary may allow, for the cost of room and board.

(D) Educational savings accounts .— Income shall be determined without regard to any amounts in or from, or any benefits from, any Coverdell education savings account under section 530 of title 26 or any qualified tuition program under section 529 of such title.

(E) Recordkeeping .— The Secretary may not require a public housing agency or owner to maintain records of any amounts excluded from income pursuant to this subparagraph.