H.R. 5408House118th Congress (2023-2025)In Committee

SSI Savings Penalty Elimination Act

Introduced September 12, 2023

AI-Generated Summary

Updated January 20, 2026 at 11:14 AM UTC

The SSI Savings Penalty Elimination Act amends the Social Security Act to raise the amount of assets a person or couple can have and still qualify for Supplemental Security Income (SSI). It sets new resource limits of $20,000 for individuals and $10,000 for couples starting in 2023, and it requires those limits to increase each year based on inflation. The changes affect current and future SSI applicants and recipients by allowing them to keep more savings without losing benefits.

Key Provisions

  • Increase the individual SSI resource limit to $20,000 in 2023, with annual adjustments for inflation.
  • Increase the couple SSI resource limit to $10,000 in 2023, with annual adjustments for inflation.
  • Add an inflation‑adjustment formula to automatically raise the resource limits each year using the Consumer Price Index.

Legislative Activity

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3 earlier actions
HouseCommittee Latest Action

Referred to the Subcommittee on Work and Welfare.

December 17, 2024

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HouseIntro Referral

Introduced in House

September 12, 2023

HouseIntro Referral

Referred to the House Committee on Ways and Means.

September 12, 2023

HouseFloor

ASSUMING FIRST SPONSORSHIP - Mr. Davis (IL) asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 5408, a bill originally introduced by Representative Higgins (NY), for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.

February 5, 2024 • 7:08 PM

HouseCommittee

Referred to the Subcommittee on Work and Welfare.

December 17, 2024

Floor Debate

4 members

What members said about H.R. 5408 on the floor

1 Republican3 Democrats
Henry C. "Hank" Johnson, Jr.

Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, one of the most important responsibilities the House gives the House Committee on the Judiciary is to oversee the revision and…

Becca Balint
Rep. Becca BalintD-VT · Dec 3, 2024

Mr. Speaker, the House Committee on the Judiciary is tasked with the underappreciated yet critical responsibility to oversee the revision and codification of the statutes of the United States. I…

Thomas P. Tiffany
Rep. Thomas P. TiffanyR-WI-7 · Dec 3, 2024

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 7324) to make improvements in the enactment of title 41, United States Code, into a positive law title and to improve the Code. Mr.…

Danny K. Davis
Rep. Danny K. DavisD-IL-7 · Feb 5, 2024

Mr. Speaker, I ask unanimous consent that I may hereafter be considered to be the first sponsor of H.R. 5408, the SSI Savings Penalty Elimination Act, a bill originally introduced by Representative…

Bill Text

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Introduced in HouseIssued September 12, 2023

I

118th CONGRESS

1st Session

H. R. 5408

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.

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 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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