The Supplemental Security Income Restoration Act of 2024 significantly updates the federal program that provides cash assistance to elderly, blind, and disabled individuals with limited income and resources. The bill raises income and resource limits that determine eligibility, increasing the general income exclusion from $240 to $1,797 annually and the earned income exclusion from $780 to $5,839, with automatic adjustments for inflation in future years. It also increases the resource limits from $2,250 to $20,000 for individuals and from $1,500 to $10,000 for couples. The bill updates benefit amounts to align with federal poverty guidelines and eliminates the "marriage penalty" that reduced benefits for married couples. Additional changes include excluding retirement accounts and tribal welfare payments from countable resources, removing penalties for transferring resources, and simplifying rules around how past-due benefits are handled. The reforms take effect six months after the bill is enacted.
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