Section 1 Short title
This Act may be cited as the “SSI Savings Penalty Elimination Act”.
SSI Savings Penalty Elimination Act
A BILL
To amend title XVI of the Social Security Act to update the resource limit for supplemental security income eligibility.
Sec. 2 Update in eligibility for the supplemental security income program
Update in resource limit for individuals and couples— Section 1611(a)(3) of such Act (42 U.S.C. 1382(a)(3)) is amended—
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
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.”.
in the section heading, by inserting “; inflation adjustment” after “benefits”; and
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.”