S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5508
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 15, 2023
                                ___________
 
 Introduced  by  M.  of  A. L. ROSENTHAL -- read once and referred to the
   Committee on Social Services
 
 AN ACT to amend the social services law, in relation to  exempting  IRAs
   and  Roth  IRAs  in the calculation of household benefits under public
   assistance programs
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Subdivision 1 of section 131-n of the social services law,
 as amended by section 5 of part U of chapter 56 of the laws of 2022,  is
 amended to read as follows:
   1.  The  following resources shall be exempt and disregarded in calcu-
 lating the amount of benefits of any household under any public  assist-
 ance program: (a) cash and liquid or nonliquid resources up to two thou-
 sand  five  hundred dollars for applicants, three thousand seven hundred
 fifty dollars for applicants in households in which any member is  sixty
 years of age or older or is disabled or ten thousand dollars for recipi-
 ents,  (b)  an amount up to four thousand six hundred fifty dollars in a
 separate bank account established by an individual  while  currently  in
 receipt of assistance for the sole purpose of enabling the individual to
 purchase  a  first  or  replacement  vehicle  for the recipient to seek,
 obtain or maintain employment, so long as the funds are not used for any
 other purpose, (c) an amount up to one thousand four hundred dollars  in
 a  separate bank account established by an individual while currently in
 receipt of assistance for the purpose of paying tuition at a two-year or
 four-year accredited post-secondary educational institution, so long  as
 the  funds are not used for any other purpose, (d) the home which is the
 usual residence of the household, (e) one automobile, up to ten thousand
 dollars fair market value,  through  March  thirty-first,  two  thousand
 seventeen;  one  automobile,  up  to eleven thousand dollars fair market
 value, from April first, two thousand seventeen  through  March  thirty-
 first,  two thousand eighteen; and one automobile, up to twelve thousand

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00817-01-3
              

 A. 5508                             2
 
 dollars fair market value, beginning April first, two thousand  eighteen
 and  thereafter,  or  such other higher dollar value as the local social
 services district may elect to adopt, (f) one burial plot per  household
 member  as  defined  in  department  regulations,  (g) bona fide funeral
 agreements up to a total of one thousand five hundred dollars in  equity
 value  per  household  member,  (h)  funds  in an individual development
 account established in accordance with subdivision five of section three
 hundred fifty-eight of this chapter and section four  hundred  three  of
 the  social  security act, (i) for a period of six months, real property
 which the household is making a good faith effort to sell, in accordance
 with department regulations and tangible personal property necessary for
 business or for employment purposes in accordance with department  regu-
 lations, and (j) funds in a qualified tuition program that satisfies the
 requirement  of  section  529  of  the Internal Revenue Code of 1986, as
 amended, [and] (k) funds in a New York achieving a better  life  experi-
 ence  savings account established in accordance with article eighty-four
 of the mental hygiene law[.
   If] IF federal law or regulations require the exemption  or  disregard
 of  additional  income  and  resources  in  determining  need for family
 assistance, or medical assistance not exempted or  disregarded  pursuant
 to  any  other  provision  of this chapter, the department may, by regu-
 lations subject to the approval of the director of the  budget,  require
 social  services  officials  to  exempt  or  disregard  such  income and
 resources. Refunds resulting from earned income  tax  credits  shall  be
 disregarded in public assistance programs, AND (L) INDIVIDUAL RETIREMENT
 ACCOUNTS (IRAS), AND ROTH IRAS.
   §  2.  This act shall take effect immediately; provided, however, that
 the amendments to section 131-n of  the  social  services  law  made  by
 section  one of this act shall not affect the expiration of such section
 and shall be deemed to expire therewith.