(a) If an agency acquires a real property for public use, it shall make fair and reasonable relocation payments to displaced persons and businesses as required by this chapter for:
(1) actual reasonable expenses in moving himself, his family, business, farm operation, or other personal property;
(2) actual direct losses of tangible personal property as a result of moving or discontinuing a business or farm operation, but not to exceed an amount equal to the reasonable expenses that would have been required to relocate such property, as determined by the agency;
(3) actual reasonable expenses in searching for a replacement business or farm; and
(4) actual reasonable expense necessary to reestablish a displaced farm, nonprofit organization, or small business at its new site, but not to exceed $10,000.
(b) Any displaced person eligible for payments under subsection (a) of this section who is displaced from a dwelling and who elects to accept the payments authorized by this subsection in lieu of the payments authorized by subsection (a) of this section may receive a moving expense allowance, determined according to a schedule established by the agency, in at least the amount as provided by the applicable laws of the United States, or where no such laws are applicable, as shall be prescribed by regulations.
(c) Any displaced person eligible for payments under subsection (a) of this section, who is displaced from his place of business or from his farm operation and who elects to accept the payment authorized by this subsection in lieu of the payment authorized by subsection (a) of this section, may receive a fixed payment in an amount equal to the average annual net earnings of the business or farm operation, except that such payment shall at least be the amount provided by the applicable laws of the United States. For purposes of this subsection, the term “net earnings” means any net earnings of the business or farm operation before federal, state, and local income taxes during the two taxable years immediately preceding the taxable year in which the business or farm operation moves from the real property acquired for such project, or during such other period as the agency determines to be more equitable for establishing such earnings, and includes any compensation paid by the business or farm operation to the owner, his spouse, or his dependents during such period.