A bill to amend title XVI of the Social Security Act to update the resource limit for supplemental security income eligibility.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 1234 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 1234 To amend title XVI of the Social Security Act to update the resource limit for supplemental security income eligibility. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES April 1 (legislative day, March 31), 2025 Ms. Cortez Masto (for herself, Mr. Cassidy, Mr. Wyden, Ms. Collins, Ms. Hassan, Mr. Lankford, Mrs. Murray, Ms. Murkowski, Mr. Whitehouse, and Mr. Scott of Florida) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ 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 such 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 followin