H.R. 5140 (110th): Economic Stimulus Act of 2008

Introduced:
Jan 28, 2008 (110th Congress, 2007–2009)
Status:
Signed by the President
Slip Law:
This bill became Pub.L. 110-185.

We advise you to take any letters you receive regarding this bill and payment notifications skeptically. Keep in mind that frauds can look very official. Contact your own lender if ... (read more)

Sponsor
Nancy Pelosi
Representative for California's 8th congressional district
Party
Democrat
Text
Read Text »
Last Updated
Feb 08, 2008
Length
10 pages
Related Bills
H.R. 5107 (Related)
Giving Resources and Opportunities to the Workforce Act of 2008

Referred to Committee
Last Action: Jan 23, 2008

S. 2539 (Related)
A bill to amend the Internal Revenue Code of 1986 to provide a special ...

Referred to Committee
Last Action: Jan 22, 2008

 
Status

This bill was enacted after being signed by the President on February 13, 2008.

Progress
Introduced Jan 28, 2008
Referred to Committee Jan 28, 2008
Passed House Jan 29, 2008
Passed Senate with Changes Feb 07, 2008
House Agreed to Changes Feb 07, 2008
Signed by the President Feb 13, 2008
 
Full Title

To provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.

Summary

No summaries available.

Votes
On Motion to Suspend the Rules and Pass
Jan 29, 2008 3:11 p.m.
Passed 385/35
Feb 04, 2008 5:31 p.m.
Cloture Motion Agreed to 80/4
Feb 05, 2008 11:37 a.m.
Motion Agreed to 73/12
Feb 07, 2008 4:36 p.m.
Bill Passed 81/16
On the Senate Amendment
Feb 07, 2008 7:44 p.m.
Passed 380/34

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

Widget

Get a bill status widget for your website »

Citation

Click a format for a citation suggestion:

Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

GovTrack’s Bill Summary

We advise you to take any letters you receive regarding this bill and payment notifications skeptically. Keep in mind that frauds can look very official. Contact your own lender if you have questions. (Some individuals are receiving letters that include a link to this page. GovTrack has nothing to do with those letters.)
Last updated Feb 03, 2013. View all GovTrack summaries.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


2/13/2008--Public Law.
Economic Stimulus Act of 2008 -
Title I - Recovery Rebates and Incentives for Business Investment
Section 101 -
Amends the Internal Revenue Code to grant tax rebates of the lesser of net income tax liability or $600 to individual taxpayers ($1,200 for married taxpayers filing joint returns). Allows additional rebates of $300 for each child of an eligible taxpayer.
Provides for a minimum tax rebate of $300 ($600 for married taxpayers filing joint returns) for taxpayers with earned income of at least $3,000. Includes social security retirement benefits and compensation and pension benefits paid to disabled veterans for purposes of determining income eligibility for rebates.
Reduces the amount of such rebates by 5% of the amount that exceeds an adjusted gross income of $75,000 ($150,000 for married taxpayers filing joint returns).
Directs the Secretary of the Treasury to pay tax rebates as rapidly as possible. Prohibits: (1) payment of rebates after December 31, 2008; and (2) payment of a rebate to a taxpayer without a valid identification number (i.e., social security number).
Provides for payment of comparable tax rebates to residents of the Commonwealths of Puerto Rico and the Northern Mariana Islands.
Provides that the payment of a tax rebate shall not be considered income for purposes of determining eligibility for federal and federally-assisted state benefit programs.
Makes appropriations for FY2008 to implement payment of the tax rebates. Directs the Secretary to submit a plan and quarterly reports to the Senate and House Committees on Appropriations on actual and expected expenditures of appropriated funds.
Section 102 -
Increases in 2008: (1) the expensing allowance for depreciable business assets to $250,000; and (2) the maximum investment phase-out threshold for such expensing allowance to $800,000.
Section 103 -
Increases to 50% (from 30%) the amount of the adjusted basis of certain depreciable property (e.g., equipment and computer software) that may be claimed as a deductible expense in 2008.
Title II - Housing GSE and FHA Loan Limits
Section 201 -
Raises the statutory ceiling on the maximum original principal obligation of a mortgage originated between July 1, 2007, and December 31, 2008, that may be purchased by either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). Disregards mortgages purchased with the increased ceiling amount for purposes of meeting certain housing goals established under the Housing and Community Development Act of 1992.
Expresses the sense of Congress that Fannie Mae and Freddie Mac should securitize mortgages acquired pursuant to the increased conforming loan limits of this Act if the manner of securitization does not: (1) impose additional costs for mortgages originated, purchased, or securitized under existing limits; or (2) interfere with the goal of adding liquidity to the market.
Section 202 -
Establishes a temporary loan limit increase for FHA-insured mortgages in specified high-cost areas for which a borrower received credit approval by December 31, 2008.
Grants the Secretary of Housing and Urban Development (HUD) discretionary authority to increase loan limits in 2008 based upon the size and location of residences in particular areas.
Directs the Secretary to publish the median house prices and mortgage principal obligation limits as revised by this Act not later than 30 days after its enactment.
Title III - Emergency Designation
Designates all provisions of this Act as emergency requirements and necessary to meet emergency needs for certain budgetary purposes.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

Use the comment space below for discussion of the merits of H.R. 5140 (110th) with other GovTrack users.
Your comments are not read by Congressional staff.

comments powered by Disqus