1. (a) An applicant’s net income shall include the sum of all moneys received from any source, including but not limited to, Social Security, pension, and irrevocable annuity payments, except as provided in (b) below.

2. (b) An applicant’s net income shall not include the following:

   1. (1) Life insurance paid on the death of an insured;
   2. (2) Expenses and costs incurred in the course of conducting a business enterprise; or
   3. (3) Proceeds from the sale or conversion of an asset, including, but not limited to, a revocable annuity.

Source. #12027, eff 10-28-16; renumbered by #12925 (formerly Rev 412.02)