A bill to modify certain fees applicable under the Small Business Act for 2008, to make an emergency appropriation for certain small business programs, and to amend the Internal Revenue Code of 1986 to provide increased expensing for 2008, to provide a 5-year carryback for certain net operating losses, and for other purposes.

Summary: Small Business Stimulus Act of 2008 - Directs the Administrator of the Small Business Administration (SBA) to reduce in 2008 the rate of certain loan fees imposed under the Small Business Act.

Appropriates, as an emergency requirement, additional funds in FY2008 for: (1) loan subsidies under the SBA Business Loans Program Account; and (2) direct loans and assistance under the SBA Microloan Program.

Amends the Internal Revenue Code to: (1) increase to $200,000 in 2008 the expensing allowance for depreciable business assets; and (2) extend through 2008 the five-year carryback of certain unused net operating losses.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Stimulus Act of 
2008''.

SEC. 2. ECONOMIC STIMULUS FOR SMALL BUSINESS CONCERNS.

    (a) In General.--For fiscal year 2008, and to the extent the cost 
of such reduction in fees are offset by appropriations--
            (1) the Administrator shall, in lieu of the fee otherwise 
        applicable under section 7(a)(23)(A) of the Small Business Act 
        (15 U.S.C. 636(a)(23)(A)), collect an annual fee in an amount 
        equal to .25 percent of the outstanding balance of the deferred 
        participation share of a loan made under section 7(a) of the 
        Small Business Act (15 U.S.C. 636(a)) to a small business 
        concern; and
            (2) with respect to each loan guaranteed under section 7(a) 
        of the Small Business Act (15 U.S.C. 636(a)), the Administrator 
        shall--
                    (A) in lieu of the fee otherwise applicable under 
                section 7(a)(18)(A) of the Small Business Act (15 
                U.S.C. 636(a)(18)(A)), collect a guarantee fee in an 
                amount equal to--
                            (i) 1 percent of the deferred participation 
                        share of a total loan amount that is not more 
                        than $150,000;
                            (ii) 2.5 percent of the deferred 
                        participation share of a total loan amount that 
                        is more than $150,000, and not more than 
                        $700,000; and
                            (iii) 3 percent of the deferred 
                        participation share of a total loan amount that 
                        is more than $700,000; and
                    (B) in lieu of the fee otherwise applicable under 
                section 7(a)(18)(A)(iv) of the Small Business Act (15 
                U.S.C. 636(a)(18)(A)(iv)), collect no fee.
    (b) Appropriation.--
            (1) In general.--There are appropriated, out of any money 
        in the Treasury not otherwise appropriated, for the fiscal year 
        ending September 30, 2008--
                    (A) $150,000,000 for the ``Business Loans Program 
                Account'' of the Administration, for loan subsidies and 
                for loan modifications for loans to small business 
                concerns authorized under subsection (a), to remain 
                available until expended;
                    (B) $2,000,000 for the ``Business Loans Program 
                Account'' of the Administration, for direct loans under 
                the Microloan Program under section 7(m) of the Small 
                Business Act (15 U.S.C. 636(m)), to remain available 
                until expended; and
                    (C) $10,000,000 for the ``Salaries and Expenses 
                Account'' of the Administration, for marketing, 
                management, and technical assistance under section 
                7(m)(4) of the Small Business Act (15 U.S.C. 636(m)(4)) 
                by intermediaries that make microloans under the 
                Microloan Program, to remain available until expended.
            (2) Emergency designation.--The amounts provided under this 
        subsection are designated as an emergency requirement pursuant 
        to section 204 of S. Con. Res. 21 (110th Congress).
    (c) Budgetary Treatment of Loans and Financings.--Assistance made 
available under any loan made or approved by the Administration under 
section 7(a) of the Small Business Act (15 U.S.C. 636(a)) during fiscal 
year 2008, shall be treated as separate programs of the Administration 
for purposes of the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et 
seq.) only.
    (d) Definitions.--In this section--
            (1) the terms ``Administration'' and ``Administrator'' 
        means the Small Business Administration and the Administrator 
        thereof, respectively; and
            (2) the term ``small business concern'' has the same 
        meaning as in section 3 of the Small Business Act (15 U.S.C. 
        632).

SEC. 3. INCREASED EXPENSING FOR SMALL BUSINESSES.

    (a) In General.--Subsection (b) of section 179 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(7) Special rules for 2008.--In the case of any taxable 
        year beginning in 2008, this subsection shall be applied--
                    ``(A) by substituting `$200,000' for `$25,000 
                ($125,000 in the case of taxable years beginning after 
                2006 and before 2011)' in paragraph (1), and
                    ``(B) by substituting `$800,000' for `$200,000 
                ($500,000 in the case of taxable years beginning after 
                2006 and before 2011)'.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2007.

SEC. 4. CARRYBACK OF CERTAIN NET OPERATING LOSSES ALLOWED FOR 5 YEARS; 
              TEMPORARY SUSPENSION OF 90 PERCENT AMT LIMIT.

    (a) In General.--Subparagraph (H) of section 172(b)(1) of the 
Internal Revenue Code of 1986 is amended--
            (1) by inserting ``5-year carryback of certain losses.--'' 
        after ``(H)'', and
            (2) by striking ``or 2002'' and inserting ``, 2002, 2007, 
        or 2008''.
    (b) Temporary Suspension of 90 Percent Limit on Certain NOL 
Carrybacks.--Subclause (I) of section 56(d)(1)(A)(ii) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``or 2002'' and inserting ``, 2002, 2007, 
        or 2008'', and
            (2) by striking ``and 2002'' and inserting ``, 2002, 2007, 
        or 2008''.
    (c) Effective Dates.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to net operating 
        losses for taxable years ending after December 31, 2006.
            (2) Election.--In the case of a net operating loss for a 
        taxable year ending during 2007 or 2008--
                    (A) any election made under section 172(b)(3) of 
                the Internal Revenue Code of 1986 may (notwithstanding 
                such section) be revoked before November 1, 2008, and
                    (B) any election made under section 172(j) of such 
                Code shall (notwithstanding such section) be treated as 
                timely made if made before November 1, 2008.