Bill · H.R. 2540· House(119-HR-2540)

SSI Savings Penalty Elimination Act

Age: 85 years

Illinois

Introduced: 4/1/2025
Last activity: 4/1/2025 — Referred to the House Committee on Ways and Means.
Sponsored by: Danny Davis
Cosponsors: - 20 - 21

Social Welfare

Introduced
In Committee

What this bill would do

This bill, known as the ``SSI Savings Penalty Elimination Act'', seeks to amend title XVI of the Social Security Act. It focuses on updating the resource limits required for supplemental security income eligibility. The legislation proposes increasing the resource limit for individuals and couples for the 2025 calendar year. Additionally, it establishes a mechanism for these limits to increase in subsequent years based on inflation adjustments.

Yes· 3 of 6

Would households on low incomes be better off under this?+8
The bill directly benefits low-income households by allowing them to hold more assets while remaining eligible for SSI.
Would people with disabilities be better off under this?+8
Increasing the SSI resource limit provides significant financial relief to people with disabilities.
Would people over 65 be better off under this?+7
The increase in resource limits benefits low-income seniors relying on SSI.