S. 1234

119 S1234 IS: SSI Savings Penalty Elimination Act
 U.S. Senate
 2025-04-01
 text/xml
 EN
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 II  119th CONGRESS  1st Session  S. 1234  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.
1.
Short title
This Act may be cited as the   SSI Savings Penalty Elimination Act  .
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 following:
(d)
In the case of any calendar year after 2025, each of the amounts specified in section 1611(a)(3) shall be increased by multiplying each such amount by the quotient (not less than 1) obtained by dividing—
(1)
the average of the consumer price index for all urban consumers (all items; United States city average, as published by the Bureau of Labor Statistics of the Department of Labor) for the 12-month period ending with September of the preceding calendar year, by
(2)
such average for the 12-month period ending with September 2024.
 .