Bill H.554, introduced by Representatives Garofano and McGill, aims to amend the eligibility criteria for the Reach Up program by removing the asset limit that currently restricts families from qualifying for assistance. Specifically, the bill deletes the existing asset limitation of $9,000 for determining initial and ongoing eligibility for the program, along with the provisions that exempt certain savings accounts from this calculation, such as retirement accounts and qualified child education savings accounts. This change is intended to provide greater financial flexibility for families in need.

Additionally, the bill includes a provision that allows the value of assets accumulated from earnings and federal or Vermont earned income tax credits to be excluded when assessing continuing eligibility for the Reach Up program. The proposed changes are set to take effect on July 1, 2026, reflecting a significant shift in how asset limits are handled in relation to the program's eligibility requirements.

Statutes affected:
As Introduced: 33-1103