Introduced in House
SSI Savings Penalty Elimination Act
SEC. 1. SHORT TITLETrack this section →
This Act may be cited as the SSI Savings Penalty Elimination Act.
SEC. 2. UPDATE IN ELIGIBILITY FOR THE SUPPLEMENTAL SECURITY INCOME PROGRAMTrack this section →
(a) Update in resource limit for individuals and couples Section 1611(a)(3) of the Social Security Act (42 U.S.C. 1382(a)(3)) is amended— (1) in subparagraph (A), by striking $2,250 and all that follows through the end of the subparagraph and inserting $20,000 in calendar year 2025, and shall be increased as described in section 1617(d) for each subsequent calendar year.; and (2) in subparagraph (B), by striking $1,500 and all that follows through the end of the subparagraph and inserting $10,000 in calendar year 2025, and shall be increased as described in section 1617(d) for each subsequent calendar year.. (b) Inflation adjustment Section 1617 of such Act (42 U.S.C. 1382f) is amended— (1) in the section heading, by inserting; inflation adjustment after benefits; and (2) by adding at the end the following: (d) In the case of any calendar year after 2025, each of the dollar amounts specified in section 1611(a)(3) shall be increased by multiplying the dollar amount by the quotient (not less than 1) obtained by dividing— (1) the average of the Consumer Price Index for all urban consumers (all items; United States city average, as published by the Bureau of Labor Statistics of the Department of Labor) for the 12-month period ending with September of the preceding calendar year, by (2) such average for the 12-month period ending with September 2024..