Asset Limit Reform

About this Policy

An asset limit or asset test is a public policy that prevents families from gaining the financial security they need. Often tied to eligibility for a public benefits program, an asset limit prevents an individual from having a specific amount of savings. If that individual exceeds the savings limit (or asset limit) she or he becomes ineligible for the benefits program.

Asset limits have been found to be counterproductive to the aims of a public benefits program. Given the fact that these programs have very strict income limits, removing the asset tests from these programs save the state money and allow families to build much needed savings.

Policy Highlights

    Policy Victories

    Removal of Asset Test on SNAP: In 2010, IABG successfully advocated for the removal of the asset limit in the Supplemental Nutrition Assistance Program (SNAP)

    Removal of Asset Test on TANF: In 2013, IABG successfully advocated for the removal of the asset limit in the Temporary Assistance for Needy Families Program (TANF)

    Creation of ABLE: In 2014, IABG joined our partners around the country to successfully advocate for the ABLE Program. ABLE will allow people with disabilities to save in an ABLE account without that savings counting against their eligibility for for Social Security Disability Insurance (SSDI). The Illinois State Treasurer’s office is currently working on implementation of the program in Illinois.

    Content related to this policy

    Consumer Protection Bill Passes the Illinois General Assembly

    The Wage Assignment & Consumer Protections Bill (SB2804) passed out of the Illinois House...

    Read more

    Partner Spotlight: Center for Economic Progress

    Over the next two months, the Center for Economic Progress (CEP) will help nearly 20,000...

    Read more

    Working Family Tax Credits Permanently Expanded

    The Earned Income Tax Credit  (EITC) and the Child Tax Credit (CTC) were temporarily expanded in...

    Read more