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Eliminating Asset Limits for SNAP, TANF, and LIHEAP Benefits.

This law removes asset and savings limits that previously restricted eligibility for major public assistance programs, including food assistance (SNAP), cash aid (TANF), and home energy assistance (LIHEAP). This change allows low-income citizens to build savings for emergencies without losing essential benefits. Furthermore, the asset limits for Supplemental Security Income (SSI) for the elderly and disabled are significantly increased and indexed for inflation.
Key points
You can save money without losing eligibility for food assistance (SNAP) or cash aid (TANF), as asset limits are eliminated.
The removal of asset tests encourages financial stability and allows families to save for unexpected expenses.
SSI savings limits increase substantially to $20,000 for individuals and $10,000 for couples, with future adjustments tied to inflation.
States are prohibited from excluding households from the Low-Income Home Energy Assistance Program (LIHEAP) based on assets.
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Additional Information
Print number: 118_HR_9149
Sponsor: Rep. Gomez, Jimmy [D-CA-34]
Process start date: 2024-07-25
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

ASSET Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_9149.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-07-25.

What are the main provisions?

Key points include:

  • You can save money without losing eligibility for food assistance (SNAP) or cash aid (TANF), as asset limits are eliminated.
  • The removal of asset tests encourages financial stability and allows families to save for unexpected expenses.
  • SSI savings limits increase substantially to $20,000 for individuals and $10,000 for couples, with future adjustments tied to inflation.
  • States are prohibited from excluding households from the Low-Income Home Energy Assistance Program (LIHEAP) based on assets.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Gomez, Jimmy [D-CA-34].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Work and Welfare.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Benefits Family Economy