ASSET Act

The ASSET Act prohibits states from using asset limits to determine eligibility for several federally funded assistance programs, including Temporary Assistance for Needy Families, SNAP, LIHEAP, and Supplemental Security Income. By removing these financial thresholds, the bill aims to allow low-income families to save money and build financial stability without risking their benefits. Additionally, the legislation updates the resource limit for SSI recipients to $20,000 for individuals and $10,000 for couples in 2026, with future increases tied to inflation. While the bill generally eliminates these limits, it includes a grace period for states that must pass their own laws to comply with the new rules.