SSI Savings Penalty Elimination Act

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5408 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 5408

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 12, 2023

 Mr. Higgins of New York (for himself and Mr. Fitzpatrick) 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 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 2023, 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 2023, 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 2023, 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 2022.''.
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