Determining Food Stamp Vehicle Value 430-05-45-10-40

(Revised 01/01/04 ML2893)

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When determining a vehicle’s value that will be applied to the countable asset limit, start with the first step. If the vehicle does not meet any of the definitions in the first step, go to the second, etc.:

 

1st Test: 430-05-45-10-20 EXCLUDED VEHICLES – Vehicles are excluded from the asset limit:

 

   

Vehicle Definition

TECS Code

*Licensed vehicle is income producing or required for employment

PI

*Licensed vehicle necessary for long distance travel essential to employment (other than commuting)

PI

*Licensed vehicle used by a migrant to follow the job stream

MT

*Vehicle used as a home

HO

*Licensed vehicle used to transport physically disabled individual

TR

*Licensed vehicle used to carry primary source of heating fuel or water for home use

WF

*Licensed vehicle if sale unlikely to produce significant return ($1500)

IA

*Includes unlicensed vehicles on a reservation that do not require members to license vehicles.

 

2nd Test: 430-05-45-10-40 DETERMINING EQUITY VALUE – Vehicle’s fair market value above $4650 is applied to the asset limit:

 

   

Vehicle Definition

TECS Code

Licensed vehicle for each adult household member

AM

Licensed vehicle used by individual under age 18 for employment or training

WS

Licensed vehicle used by individual under age 18 for seeking employment in compliance with job search

LW

 

3rd Test: 430-05-45-10-35 FAIR MARKET VALUE VERSUS EQUITY VALUE – The greater of the fair market or equity value is applied to the asset limit:

 

   

Vehicle Definition

TECS Code

Licensed vehicle not excluded above

Uncoded