Included assets.—

(A) In general .— Subject to the other provisions of this paragraph, the Secretary shall, in prescribing inclusions in, and exclusions from, financial resources, follow the regulations in force as of June 1, 1982 (other than those relating to licensed vehicles and inaccessible resources).

(B) Additional included assets .— The Secretary shall include in financial resources— (i) any boat, snowmobile, or airplane used for recreational purposes; (ii) any vacation home; (iii) any mobile home used primarily for vacation purposes; (iv) subject to subparagraphs (C) and (D), any licensed vehicle that is used for household transportation or to obtain or continue employment to the extent that the fair market value of the vehicle exceeds $4,650; and (v) any savings account, regardless of whether there is a penalty for early withdrawal.

(C) Excluded vehicles .— A vehicle (and any other property, real or personal, to the extent the property is directly related to the maintenance or use of the vehicle) shall not be included in financial resources under this paragraph if the vehicle is— (i) used to produce earned income; (ii) necessary for the transportation of a physically disabled household member; or (iii) depended on by a household to carry fuel for heating or water for home use and provides the primary source of fuel or water, respectively, for the household.

(D) Alternative vehicle allowance .— If the vehicle allowance standards that a State agency uses to determine eligibility for assistance under the State program funded under part A of title IV of the Social Security Act ( 42 U.S.C. 601 et seq.) would result in a lower attribution of resources to certain households than under subparagraph (B)(iv), in lieu of applying subparagraph (B)(iv), the State agency may elect to apply the State vehicle allowance standards to all households that would incur a lower attribution of resources under the State vehicle allowance standards.