Legis Daily

SSI Savings Penalty Elimination Act

USA119th CongressHR-2540| House 
| Updated: 4/1/2025
Danny K. Davis

Danny K. Davis

Democratic Representative

Illinois

Cosponsors (29)
Dusty Johnson (Republican)Christopher R. Deluzio (Democratic)Jefferson Van Drew (Republican)Glenn Thompson (Republican)Steven Horsford (Democratic)Pete Sessions (Republican)Debbie Dingell (Democratic)Steve Cohen (Democratic)John James (Republican)Don Bacon (Republican)Christopher H. Smith (Republican)John B. Larson (Democratic)Mark DeSaulnier (Democratic)Ann Wagner (Republican)Brittany Pettersen (Democratic)Tony Wied (Republican)Glenn Grothman (Republican)Mary Gay Scanlon (Democratic)Jamie Raskin (Democratic)Donald S. Beyer (Democratic)Seth Magaziner (Democratic)Derrick Van Orden (Republican)Brian K. Fitzpatrick (Republican)Seth Moulton (Democratic)Suzanne Bonamici (Democratic)Michael Lawler (Republican)Bradley Scott Schneider (Democratic)Nicole Malliotakis (Republican)Vern Buchanan (Republican)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
This bill aims to modernize the eligibility requirements for the Supplemental Security Income (SSI) program by substantially increasing the allowable resource limits for beneficiaries. It proposes to raise the individual resource limit from $2,250 to $20,000 and the couple resource limit from $1,500 to $10,000 , both effective in calendar year 2025. These significant increases are intended to better reflect contemporary economic realities and reduce disincentives for saving among low-income individuals and couples. Furthermore, the legislation introduces a crucial mechanism for future adjustments by mandating that these new resource limits be annually increased based on the Consumer Price Index for all urban consumers. This inflation adjustment ensures that the resource limits maintain their purchasing power over time, preventing future erosion of eligibility due to economic changes.
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Timeline

Bill from Previous Congress

HR 118-5408
SSI Savings Penalty Elimination Act
Apr 1, 2025

Latest Companion Bill Action

S 119-1234
Introduced in Senate
Apr 1, 2025
Introduced in House
Apr 1, 2025
Referred to the House Committee on Ways and Means.
  • Bill from Previous Congress

    HR 118-5408
    SSI Savings Penalty Elimination Act


  • April 1, 2025

    Latest Companion Bill Action

    S 119-1234
    Introduced in Senate


  • April 1, 2025
    Introduced in House


  • April 1, 2025
    Referred to the House Committee on Ways and Means.

Social Welfare

Related Bills

  • S 119-1234: SSI Savings Penalty Elimination Act

SSI Savings Penalty Elimination Act

USA119th CongressHR-2540| House 
| Updated: 4/1/2025
This bill aims to modernize the eligibility requirements for the Supplemental Security Income (SSI) program by substantially increasing the allowable resource limits for beneficiaries. It proposes to raise the individual resource limit from $2,250 to $20,000 and the couple resource limit from $1,500 to $10,000 , both effective in calendar year 2025. These significant increases are intended to better reflect contemporary economic realities and reduce disincentives for saving among low-income individuals and couples. Furthermore, the legislation introduces a crucial mechanism for future adjustments by mandating that these new resource limits be annually increased based on the Consumer Price Index for all urban consumers. This inflation adjustment ensures that the resource limits maintain their purchasing power over time, preventing future erosion of eligibility due to economic changes.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 118-5408
SSI Savings Penalty Elimination Act
Apr 1, 2025

Latest Companion Bill Action

S 119-1234
Introduced in Senate
Apr 1, 2025
Introduced in House
Apr 1, 2025
Referred to the House Committee on Ways and Means.
  • Bill from Previous Congress

    HR 118-5408
    SSI Savings Penalty Elimination Act


  • April 1, 2025

    Latest Companion Bill Action

    S 119-1234
    Introduced in Senate


  • April 1, 2025
    Introduced in House


  • April 1, 2025
    Referred to the House Committee on Ways and Means.
Danny K. Davis

Danny K. Davis

Democratic Representative

Illinois

Cosponsors (29)
Dusty Johnson (Republican)Christopher R. Deluzio (Democratic)Jefferson Van Drew (Republican)Glenn Thompson (Republican)Steven Horsford (Democratic)Pete Sessions (Republican)Debbie Dingell (Democratic)Steve Cohen (Democratic)John James (Republican)Don Bacon (Republican)Christopher H. Smith (Republican)John B. Larson (Democratic)Mark DeSaulnier (Democratic)Ann Wagner (Republican)Brittany Pettersen (Democratic)Tony Wied (Republican)Glenn Grothman (Republican)Mary Gay Scanlon (Democratic)Jamie Raskin (Democratic)Donald S. Beyer (Democratic)Seth Magaziner (Democratic)Derrick Van Orden (Republican)Brian K. Fitzpatrick (Republican)Seth Moulton (Democratic)Suzanne Bonamici (Democratic)Michael Lawler (Republican)Bradley Scott Schneider (Democratic)Nicole Malliotakis (Republican)Vern Buchanan (Republican)

Ways and Means Committee

Social Welfare

Related Bills

  • S 119-1234: SSI Savings Penalty Elimination Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted