SSI Savings Penalty Elimination Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 2540 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 2540 To amend title XVI of the Social Security Act to update the resource limit for supplemental security income eligibility. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES April 1, 2025 Mr. Davis of Illinois (for himself, Mr. Fitzpatrick, Mr. Larson of Connecticut, Mr. Lawler, Mr. Deluzio, Mr. Smith of New Jersey, Mr. Schneider, Mr. Buchanan, Mr. Horsford, and Mr. Bacon) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend title XVI of the Social Security Act to update the resource limit for supplemental security income eligibility. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``SSI Savings Penalty Elimination Act''. SEC. 2. UPDATE IN ELIGIBILITY FOR THE SUPPLEMENTAL SECURITY INCOME PROGRAM. (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 foll