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The ASSET Act eliminates asset limits in four federally funded means-tested public assistance programs: Temporary Assistance for Needy Families (TANF), the Supplemental Nutrition Assistance Program (SNAP), the Low-Income Home Energy Assistance Program (LIHEAP), and Supplemental Security Income (SSI). The bill prohibits states from using asset or resource tests to determine eligibility for these programs, and updates and indexes the resource limit for SSI. The bill includes transition provisions allowing states time to comply if state legislation is required.
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