NY A02475

Increases resource exemptions for public assistance applicants from $2,000 to $3,000 in liquid or nonliquid resources, or from $3,000 to $4,500 for households with members age 60 or older.

Raises vehicle savings account exemption from $4,600 to $7,050 for individuals saving to purchase a first or replacement vehicle for employment purposes.

Changes tuition savings account exemption to equal the greater of $5,165 or the maximum tuition assistance program award available for the current academic year, replacing the previous $1,004 limit.

Adds new resource exemptions for retirement accounts (including IRAs, 401(k)s, 403(b)s, and Keogh plans) and all 529 college savings plans.

Removes the August 22, 2021 expiration date for resource exemption provisions in the Welfare Reform Act of 1997.