What does Preamble of SSI Savings Penalty Elimination Act do?

This bill proposes to amend title XVI of the Social Security Act. The proposed amendment aims to update the resource limit for supplemental security income (SSI) eligibility.

What does SHORT TITLE. of SSI Savings Penalty Elimination Act do?

This bill is formally titled the 'SSI Savings Penalty Elimination Act'.

What does UPDATE IN ELIGIBILITY FOR THE SUPPLEMENTAL SECURITY INCOME of SSI Savings Penalty Elimination Act do?

This section amends Section 1611(a)(3) of the Social Security Act to update resource limits for Supplemental Security Income (SSI) eligibility. The resource limit for individuals is increased to $20,000 in 2025 and will be adjusted annually according to Section 1617(d). The resource limit for couples is increased to $10,000 in 2025 and will also be adjusted annually according to Section 1617(d). Section 1617 of the Social Security Act is amended to include an inflation adjustment for the resource limits. Beginning in 2026, the resource limits will be adjusted annually by multiplying the dollar amount by a quotient based on the Consumer Price Index (CPI).

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SSI Savings Penalty Elimination Act

Last updated: 4/1/2025 · Introduced: 4/1/2025

Author: Danny Davis (D-IL)

TL;DR (AI)

This bill increases the resource limit for individuals eligible for Supplemental Security Income (SSI) to $20,000 in 2025, and to $10,000 for couples in 2025.
The bill establishes an annual inflation adjustment for these SSI resource limits, beginning in 2026, based on the Consumer Price Index (CPI).

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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