S. 5186 — ASSET Act

This section provides the short title of the Act as the Allowing Steady Savings by Eliminating Tests Act or the ASSET Act and sets forth the table of contents.

This section states findings that asset limits in means-tested public assistance programs hinder families' financial security and savings, impose low administrative costs relative to benefits when eliminated, and carry minimal risk of improper participation. It expresses the sense of Congress that such programs should not use asset limits to restrict eligibility.

This section prohibits states from applying any asset or resource limit for eligibility for benefits, assistance, or services under the Temporary Assistance for Needy Families (TANF) program. It permits a state that requires legislation to comply to delay implementation until the first calendar quarter after the close of its next regular legislative session (or, for a two-year session state, after the close of the first year of that session).

This section eliminates asset tests for eligibility in the supplemental nutrition assistance program. It removes consideration of financial resources from household income determinations, strikes subsections governing asset limits and related disqualifications, and makes conforming redesignations and cross-reference updates throughout the Food and Nutrition Act of 2008 and other statutes.

This section prohibits states from excluding a household from Low-Income Home Energy Assistance Program (LIHEAP) eligibility in any fiscal year solely or partially on the basis of assets held by one or more members, for households receiving Temporary Assistance for Needy Families, Supplemental Security Income, Supplemental Nutrition Assistance Program benefits, or specified veterans’ pensions. It permits states that require legislation to delay compliance until the first calendar quarter after the close of their next regular legislative session.

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