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