What is the official ID of this bill?
The official print number for this legislation is HR 3378.
Children's Savings Accounts Excluded from Benefit Eligibility Calculations
This new law aims to make it easier for low-income families to save for their children's future. The value of special children's savings accounts will not be counted when determining eligibility for social benefits like family assistance, food support, or energy bill aid. This allows families to save for education, a first home, or starting a business for their child without losing access to essential benefits.
Key points
Money in designated children's savings accounts will not be counted as income or assets when applying for social benefits.
This applies to programs such as Temporary Assistance for Needy Families (TANF), Supplemental Security Income (SSI), Supplemental Nutrition Assistance Program (SNAP), and Low-Income Home Energy Assistance Program (LIHEAP).
Funds from these accounts can be used for post-secondary education, purchasing a first home, or capitalizing a business for the child.
These accounts must be held in federally insured financial institutions or managed by non-profit organizations, schools, or universities to ensure security.
Status:
Expired
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