H.R. 10023 — ASSET Act

This section provides the short title of the Act as the “Allowing Steady Savings by Eliminating Tests Act” or the “ASSET Act”.

This section states findings that asset limits in means-tested public assistance programs impede families' financial improvement, discourage use of bank accounts and savings, and impose administrative costs that exceed any savings from reduced payments. It expresses the sense of Congress that certain federally funded means-tested public assistance programs should not use asset limits to restrict eligibility.

This section prohibits states from applying any asset or resource limit when determining eligibility for benefits, assistance, or services under the Temporary Assistance for Needy Families (TANF) program. It permits states that require new legislation to comply with the prohibition to delay implementation until the first calendar quarter after the close of their next regular legislative session.

This section eliminates asset limits for supplemental nutrition assistance program eligibility by limiting participation to households whose incomes are a substantial limiting factor in obtaining a more nutritious diet and removing all references to other financial resources. It strikes the resource limit provisions in subsections (g) and (j), redesignates subsequent subsections, and makes conforming changes throughout the Food and Nutrition Act of 2008 and related statutes.

This section prohibits states from excluding a household from eligibility for the Low-Income Home Energy Assistance Program (LIHEAP) solely or partially on the basis of assets. It permits states that require legislation to delay compliance until the first calendar quarter after the close of the first regular legislative session following enactment (or, for two-year sessions, after each year of the session).

This section increases the resource limits for Supplemental Security Income (SSI) eligibility to $20,000 for an individual with a spouse and $10,000 for an individual without a spouse in calendar year 2026 (from $3,000 and $2,000, respectively). It indexes both limits to inflation using the Consumer Price Index for Elderly Consumers for each subsequent year.