1992 National Assessment of Chapter 1 Act

1992 National Assessment of Chapter 1 Act - Directs the Secretary of Education (the Secretary) to conduct a comprehensive national assessment of the effects of programs for disadvantaged children receiving Special Educational Needs financial assistance under Chapter 1 of title I of the Elementary and Secondary Education Act of 1965.

Requires an independent review panel be consulted on such assessment.

Requires such assessment to be coordinated with all related research conducted by the Secretary, including specified types of contents.

Directs the Secretary to: (1) consult with specified congressional committees in designing and implementing such assessment; and (2) submit preliminary and final reports on such assessment to the Congress.

Directs the Secretary to reserve specified amounts from Chapter 1 funds for FY 1990 through 1993 to conduct such assessment. Ends authorized expenditures for such assessment on January 1, 1993.

Revises Federal law which provides impact aid for local educational agencies (LEAs) in areas affected by Federal activities. Raises the annual cap on such payments to LEAs where federally-connected children make up 50 percent or more of the total student population. Sets aside unused funds under such cap in any one fiscal year for use in any following fiscal year when funds beyond such cap are needed. Removes such cap whenever funds exceeding such reserved pool are needed. Provides for gradual adjustments in impact aid payments when there are substantial decreases in or cessations of Federal activities in an area. Establishes a system for handling late applications for impact aid, with ten percent reductions in aid for approvable applications received 30 days after the deadline, but no acceptance or approval of applications submitted 60 days after the deadline. Sets forth other special rules and adjustments relating to impact aid in specified areas, including the LEA providing public education to secondary school students residing on Hanscom Air Force Base, Massachusetts.

Provides that specified awards of funds for bilingual education programs made by the Secretary to the Franklin-Northwest Supervisory Union of Vermont shall be treated as if they were made in accordance with the Bilingual Education Act for purposes of any repayment claims by the Secretary.

Amends the Higher Education Act of 1965 to increase the amount of the FY 1991 authorization of appropriations for the Student Literacy Corps Program.

Expresses the sense of the Senate that appropriations should be increased by FY 1994 for: (1) the Head Start Act, to fully serve the potential eligible population; and (2) the program for education of socially disadvantaged children under the Elementary and Secondary Education Act of 1965 (to its full authorization level).

Declares that, for certain impact aid purposes, the United States shall be deemed to own Federal property where the United States: (1) transfers a portion of Federal property (which met specified conditions prior to its transfer) to another non-taxable entity; and (2) places specified conditions on such property and its use.