NY A01288

Eliminates all asset limits for households receiving public assistance benefits in New York State by exempting all assets held by households in benefit calculations.

Removes existing dollar caps on liquid and nonliquid resources ($2,000 general limit, $3,000 for households with members age 60+) and specific limits on vehicle purchases ($4,650), education savings ($1,400), and automobiles ($10,000-$12,000 depending on date).

Maintains exemptions for primary residence, burial plots, funeral agreements, individual development accounts, and business/employment property as defined by department regulations.

Preserves earned income tax credit refund disregards and allows federal law to continue requiring additional exemptions for family assistance and medical assistance programs.

Takes effect immediately upon enactment.