110TH CONGRESS 

2D SESSION H. R. 5140 

AN ACT 

To provide economic stimulus through recovery rebates to 

individuals, incentives for business investment, and an 

increase in conforming and FHA loan limits. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 
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1 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

2 (a) SHORT TITLE.—This Act may be cited as the 

3 ‘‘Recovery Rebates and Economic Stimulus for the Amer4 ican People Act of 2008’’. 

5 (b) TABLE OF CONTENTS.—The table of contents of 

6 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—RECOVERY REBATES AND INCENTIVES FOR BUSINESS 

INVESTMENT 

Sec. 101. 2008 recovery rebates for individuals. 

Sec. 102. Temporary increase in limitations on expensing of certain depreciable 

business assets. 

Sec. 103. Special allowance for certain property acquired during 2008. 

TITLE II—HOUSING GSE AND FHA LOAN LIMITS 

Sec. 201. Temporary conforming loan limit increase for Fannie Mae and 

Freddie Mac. 

Sec. 202. Temporary loan limit increase for FHA. 

7 TITLE I—RECOVERY REBATES 

8 AND INCENTIVES FOR BUSI9 NESS INVESTMENT 

10 SEC. 101. 2008 RECOVERY REBATES FOR INDIVIDUALS. 

11 (a) IN GENERAL.—Section 6428 of the Internal Rev12 enue Code of 1986 is amended to read as follows: 

13 ‘‘SEC. 6428. 2008 RECOVERY REBATES FOR INDIVIDUALS. 

14 ‘‘(a) IN GENERAL.—In the case of an eligible indi15 vidual, there shall be allowed as a credit against the tax 

16 imposed by subtitle A for the first taxable year beginning 

17 in 2008 an amount equal to the lesser of— 

18 ‘‘(1) net income tax liability, or 
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1 ‘‘(2) $600 ($1,200 in the case of a joint re2 turn). 

3 ‘‘(b) SPECIAL RULES.— 

4 ‘‘(1) IN GENERAL.—In the case of a taxpayer 

5 described in paragraph (2)— 

6 ‘‘(A) the amount determined under sub7 section (a) shall not be less than $300 ($600 in 

8 the case of a joint return), and 

9 ‘‘(B) the amount determined under sub10 section (a) (after the application of subpara11 graph (A)) shall be increased by the product of 

12 $300 multiplied by the number of qualifying 

13 children (within the meaning of section 24(c)) 

14 of the taxpayer. 

15 ‘‘(2) TAXPAYER DESCRIBED.—A taxpayer is de16 scribed in this paragraph if the taxpayer— 

17 ‘‘(A) has earned income of at least $3,000, 

18 or 

19 ‘‘(B) has— 

20 ‘‘(i) net income tax liability which is 

21 greater than zero, and 

22 ‘‘(ii) gross income which is greater 

23 than the sum of the basic standard deduc24 tion plus the exemption amount (twice the 
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1 exemption amount in the case of a joint re2 turn). 

3 ‘‘(c) TREATMENT OF CREDIT.—The credit allowed by 

4 subsection (a) shall be treated as allowed by subpart C 

5 of part IV of subchapter A of chapter 1. 

6 ‘‘(d) LIMITATION BASED ON ADJUSTED GROSS IN7 COME.—The amount of the credit allowed by subsection 

8 (a) (determined without regard to this subsection and sub9 section (f)) shall be reduced (but not below zero) by 5 per10 cent of so much of the taxpayer’s adjusted gross income 

11 as exceeds $75,000 ($150,000 in the case of a joint re12 turn). 

13 ‘‘(e) DEFINITIONS.—For purposes of this section— 

14 ‘‘(1) NET INCOME TAX LIABILITY.—The term 

15 ‘net income tax liability’ means the excess of— 

16 ‘‘(A) the sum of the taxpayer’s regular tax 

17 liability (within the meaning of section 26(b)) 

18 and the tax imposed by section 55 for the tax19 able year, over 

20 ‘‘(B) the credits allowed by part IV (other 

21 than section 24 and subpart C thereof) of sub22 chapter A of chapter 1. 

23 ‘‘(2) ELIGIBLE INDIVIDUAL.—The term ‘eligible 

24 individual’ means any individual other than— 

25 ‘‘(A) any nonresident alien individual, 
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1 ‘‘(B) any individual with respect to whom 

2 a deduction under section 151 is allowable to 

3 another taxpayer for a taxable year beginning 

4 in the calendar year in which the individual’s 

5 taxable year begins, and 

6 ‘‘(C) an estate or trust. 

7 ‘‘(3) EARNED INCOME.—The term ‘earned in8 come’ has the meaning set forth in section 32(c)(2) 

9 except that— 

10 ‘‘(A) subclause (II) of subparagraph 

11 (B)(vi) thereof shall be applied by substituting 

12 ‘January 1, 2009’ for ‘January 1, 2008’, and 

13 ‘‘(B) such term shall not include net earn14 ings from self-employment which are not taken 

15 into account in computing taxable income. 

16 ‘‘(4) BASIC STANDARD DEDUCTION; EXEMPTION

17 AMOUNT.—The terms ‘basic standard deduction’ and 

18 ‘exemption amount’ shall have the same respective 

19 meanings as when used in section 6012(a). 

20 ‘‘(f) COORDINATION WITH ADVANCE REFUNDS OF

21 CREDIT.— 

22 ‘‘(1) IN GENERAL.—The amount of credit 

23 which would (but for this paragraph) be allowable 

24 under this section shall be reduced (but not below 

25 zero) by the aggregate refunds and credits made or 
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1 allowed to the taxpayer under subsection (g). Any 

2 failure to so reduce the credit shall be treated as 

3 arising out of a mathematical or clerical error and 

4 assessed according to section 6213(b)(1). 

5 ‘‘(2) JOINT RETURNS.—In the case of a refund 

6 or credit made or allowed under subsection (g) with 

7 respect to a joint return, half of such refund or cred8 it shall be treated as having been made or allowed 

9 to each individual filing such return. 

10 ‘‘(g) ADVANCE REFUNDS AND CREDITS.— 

11 ‘‘(1) IN GENERAL.—Each individual who was 

12 an eligible individual for such individual’s first tax13 able year beginning in 2007 shall be treated as hav14 ing made a payment against the tax imposed by 

15 chapter 1 for such first taxable year in an amount 

16 equal to the advance refund amount for such taxable 

17 year. 

18 ‘‘(2) ADVANCE REFUND AMOUNT.—For pur19 poses of paragraph (1), the advance refund amount 

20 is the amount that would have been allowed as a 

21 credit under this section for such first taxable year 

22 if this section (other than subsection (f) and this 

23 subsection) had applied to such taxable year. 

24 ‘‘(3) TIMING OF PAYMENTS.—The Secretary 

25 shall, subject to the provisions of this title, refund 
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1 or credit any overpayment attributable to this sec2 tion as rapidly as possible. No refund or credit shall 

3 be made or allowed under this subsection after De4 cember 31, 2008. 

5 ‘‘(4) NO INTEREST.—No interest shall be al6 lowed on any overpayment attributable to this sec7 tion.’’. 

8 (b) TREATMENT OF POSSESSIONS.— 

9 (1) MIRROR CODE POSSESSION.—The Secretary 

10 of the Treasury shall make a payment to each pos11 session of the United States with a mirror code tax 

12 system in an amount equal to the loss to that pos13 session by reason of the amendments made by this 

14 section. Such amount shall be determined by the 

15 Secretary of the Treasury based on information pro16 vided by the government of the respective possession. 

17 (2) OTHER POSSESSIONS.—The Secretary of 

18 the Treasury shall make a payment to each posses19 sion of the United States which does not have a mir20 ror code tax system in an amount estimated by the 

21 Secretary of the Treasury as being equal to the ag22 gregate benefits that would have been provided to 

23 residents of such possession by reason of the amend24 ments made by this section if a mirror code tax sys25 tem had been in effect in such possession. The pre-
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1 ceding sentence shall not apply with respect to any 

2 possession of the United States unless such posses3 sion has a plan, which has been approved by the 

4 Secretary of the Treasury, under which such posses5 sion will promptly distribute such payment to the 

6 residents of such possession. 

7 (3) DEFINITIONS AND SPECIAL RULES.— 

8 (A) POSSESSION OF THE UNITED

9 STATES.—For purposes of this subsection, the 

10 term ‘‘possession of the United States’’ includes 

11 the Commonwealth of Puerto Rico and the 

12 Commonwealth of the Northern Mariana Is13 lands. 

14 (B) MIRROR CODE TAX SYSTEM.—For pur15 poses of this subsection, the term ‘‘mirror code 

16 tax system’’ means, with respect to any posses17 sion of the United States, the income tax sys18 tem of such possession if the income tax liabil19 ity of the residents of such possession under 

20 such system is determined by reference to the 

21 income tax laws of the United States as if such 

22 possession were the United States. 

23 (C) TREATMENT OF PAYMENTS.—For pur24 poses of section 1324(b)(2) of title 31, United 

25 States Code, the payments under this sub-
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1 section shall be treated in the same manner as 

2 a refund due from the credit allowed under sec3 tion 6428 of the Internal Revenue Code of 1986 

4 (as added by this section). 

5 (c) APPROPRIATIONS TO CARRY OUT RECOVERY RE6 BATES.— 

7 (1) IN GENERAL.—The following sums are 

8 hereby appropriated, out of any money in the Treas9 ury not otherwise appropriated, for the fiscal year 

10 ending September 30, 2008, to implement the provi11 sions of this section (including the amendments 

12 made by this section): 

13 (A) For an additional amount for ‘‘Depart14 ment of the Treasury—Financial Management 

15 Service—Salaries and Expenses’’, $52,510,000, 

16 to remain available until September 30, 2009. 

17 (B) For an additional amount for ‘‘Depart18 ment of the Treasury—Internal Revenue Serv19 ice—Taxpayer Services’’, $48,920,000, to re20 main available until September 30, 2009. 

21 (C) For an additional amount for ‘‘Depart22 ment of the Treasury—Internal Revenue Serv23 ice—Operations Support’’, $149,700,000, to re24 main available until September 30, 2009. 
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1 (2) REPORTS.—No later than 15 days after en2 actment of this Act, the Secretary of the Treasury 

3 shall submit a plan to the Committees on Appropria4 tions of the House of Representatives and the Sen5 ate detailing the expected use of the funds provided 

6 by this subsection. Beginning 90 days after enact7 ment of this Act, the Secretary of the Treasury shall 

8 submit a quarterly report to the Committees on Ap9 propriations of the House of Representatives and the 

10 Senate detailing the actual expenditure of funds pro11 vided by this subsection and the expected expendi12 ture of such funds in the subsequent quarter. 

13 (d) CONFORMING AMENDMENTS.— 

14 (1) Paragraph (2) of section 1324(b) of title 

15 31, United States Code, is amended by inserting ‘‘or 

16 6428’’ after ‘‘section 35’’. 

17 (2) Paragraph (1) of section 1(i) of the Internal 

18 Revenue Code of 1986 is amended by striking sub19 paragraph (D). 

20 (3) The item relating to section 6428 in the 

21 table of sections for subchapter B of chapter 65 of 

22 such Code is amended to read as follows: 

‘‘Sec. 6428. 2008 recovery rebates for individuals.’’. 
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1 SEC. 102. TEMPORARY INCREASE IN LIMITATIONS ON EX2 PENSING OF CERTAIN DEPRECIABLE BUSI3 NESS ASSETS. 

4 (a) IN GENERAL.—Subsection (b) of section 179 of 

5 the Internal Revenue Code of 1986 (relating to limita6 tions) is amended by adding at the end the following new 

7 paragraph: 

8 ‘‘(7) INCREASE IN LIMITATIONS FOR 2008.—In 

9 the case of any taxable year beginning in 2008— 

10 ‘‘(A) the dollar limitation under paragraph 

11 (1) shall be $250,000, 

12 ‘‘(B) the dollar limitation under paragraph 

13 (2) shall be $800,000, and 

14 ‘‘(C) the amounts described in subpara15 graphs (A) and (B) shall not be adjusted under 

16 paragraph (5).’’. 

17 (b) EFFECTIVE DATE.—The amendment made by 

18 this section shall apply to taxable years beginning after 

19 December 31, 2007. 

20 SEC. 103. SPECIAL ALLOWANCE FOR CERTAIN PROPERTY 

21 ACQUIRED DURING 2008. 

22 (a) IN GENERAL.—Subsection (k) of section 168 of 

23 the Internal Revenue Code of 1986 (relating to special al24 lowance for certain property acquired after September 10, 

25 2001, and before January 1, 2005) is amended— 
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1 (1) by striking ‘‘September 10, 2001’’ each 

2 place it appears and inserting ‘‘December 31, 

3 2007’’, 

4 (2) by striking ‘‘September 11, 2001’’ each 

5 place it appears and inserting ‘‘January 1, 2008’’, 

6 (3) by striking ‘‘January 1, 2005’’ each place 

7 it appears and inserting ‘‘January 1, 2009’’, and 

8 (4) by striking ‘‘January 1, 2006’’ each place 

9 it appears and inserting ‘‘January 1, 2010’’. 

10 (b) 50 PERCENT ALLOWANCE.—Subparagraph (A) of 

11 section 168(k)(1) of such Code is amended by striking ‘‘30 

12 percent’’ and inserting ‘‘50 percent’’. 

13 (c) CONFORMING AMENDMENTS.— 

14 (1) Subclause (I) of section 168(k)(2)(B)(i) of 

15 such Code is amended by striking ‘‘and (iii)’’ and in16 serting ‘‘(iii), and (iv)’’. 

17 (2) Subclause (IV) of section 168(k)(2)(B)(i) of 

18 such Code is amended by striking ‘‘clauses (ii) and 

19 (iii)’’ and inserting ‘‘clause (iii)’’. 

20 (3) Clause (i) of section 168(k)(2)(C) of such 

21 Code is amended by striking ‘‘and (iii)’’ and insert22 ing ‘‘, (iii), and (iv)’’. 

23 (4) Clause (i) of section 168(k)(2)(F) of such 

24 Code is amended by striking ‘‘$4,600’’ and inserting 

25 ‘‘$8,000’’. 
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1 (5)(A) Subsection (k) of section 168 of such 

2 Code is amended by striking paragraph (4). 

3 (B) Clause (iii) of section 168(k)(2)(D) of such 

4 Code is amended by striking the last sentence. 

5 (6) Paragraph (4) of section 168(l) of such 

6 Code is amended by redesignating subparagraphs 

7 (A), (B), and (C) as subparagraphs (B), (C), and 

8 (D) and inserting before subparagraph (B) (as so 

9 redesignated) the following new subparagraph: 

10 ‘‘(A) BONUS DEPRECIATION PROPERTY

11 UNDER SUBSECTION (K).—Such term shall not 

12 include any property to which section 168(k) 

13 applies.’’. 

14 (7) Paragraph (5) of section 168(l) of such 

15 Code is amended— 

16 (A) by striking ‘‘September 10, 2001’’ in 

17 subparagraph (A) and inserting ‘‘December 31, 

18 2007’’, and 

19 (B) by striking ‘‘January 1, 2005’’ in sub20 paragraph (B) and inserting ‘‘January 1, 

21 2009’’. 

22 (8) Subparagraph (D) of section 1400L(b)(2) 

23 of such Code is amended by striking ‘‘January 1, 

24 2005’’ and inserting ‘‘January 1, 2010’’. 
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1 (9) Paragraph (3) of section 1400N(d) of such 

2 Code is amended— 

3 (A) by striking ‘‘September 10, 2001’’ in 

4 subparagraph (A) and inserting ‘‘December 31, 

5 2007’’, and 

6 (B) by striking ‘‘January 1, 2005’’ in sub7 paragraph (B) and inserting ‘‘January 1, 

8 2009’’. 

9 (10) Paragraph (6) of section 1400N(d) of such 

10 Code is amended by adding at the end the following 

11 new subparagraph: 

12 ‘‘(E) EXCEPTION FOR BONUS DEPRECIA13 TION PROPERTY UNDER SECTION 168(k).—The 

14 term ‘specified Gulf Opportunity Zone extension 

15 property’ shall not include any property to 

16 which section 168(k) applies.’’. 

17 (11) The heading for subsection (k) of section 

18 168 of such Code is amended— 

19 (A) by striking ‘‘SEPTEMBER 10, 2001’’ 

20 and inserting ‘‘DECEMBER 31, 2007’’, and 

21 (B) by striking ‘‘JANUARY 1, 2005’’ and 

22 inserting ‘‘JANUARY 1, 2009’’. 

23 (12) The heading for clause (ii) of section 

24 168(k)(2)(B) of such Code is amended by striking 
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1 ‘‘PRE-JANUARY 1, 2005’’ and inserting ‘‘PRE-JANU2 ARY 1, 2009’’. 

3 (d) EFFECTIVE DATE.—The amendments made by 

4 this section shall apply to property placed in service after 

5 December 31, 2007, in taxable years ending after such 

6 date. 

7 TITLE II—HOUSING GSE AND 

8 FHA LOAN LIMITS 

9 SEC. 201. TEMPORARY CONFORMING LOAN LIMIT IN10 CREASE FOR FANNIE MAE AND FREDDIE 

11 MAC. 

12 (a) INCREASE OF HIGH COST AREAS LIMITS FOR

13 HOUSING GSES.—For mortgages originated during the 

14 period beginning on July 1, 2007, and ending at the end 

15 of December 31, 2008: 

16 (1) FANNIE MAE.—With respect to the Federal 

17 National Mortgage Association, notwithstanding sec18 tion 302(b)(2) of the Federal National Mortgage As19 sociation Charter Act (12 U.S.C. 1717(b)(2)), the 

20 limitation on the maximum original principal obliga21 tion of a mortgage that may be purchased by the 

22 Association shall be the higher of— 

23 (A) the limitation for 2008 determined 

24 under such section 302(b)(2) for a residence of 

25 the applicable size; or 
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1 (B) 125 percent of the area median price 

2 for a residence of the applicable size, but in no 

3 case to exceed 175 percent of the limitation for 

4 2008 determined under such section 302(b)(2) 

5 for a residence of the applicable size. 

6 (2) FREDDIE MAC.—With respect to the Fed7 eral Home Loan Mortgage Corporation, notwith8 standing section 305(a)(2) of the Federal Home 

9 Loan Mortgage Corporation Act (12 U.S.C. 

10 1454(a)(2)), the limitation on the maximum original 

11 principal obligation of a mortgage that may be pur12 chased by the Corporation shall be the higher of— 

13 (A) the limitation determined for 2008 

14 under such section 305(a)(2) for a residence of 

15 the applicable size; or 

16 (B) 125 percent of the area median price 

17 for a residence of the applicable size, but in no 

18 case to exceed 175 percent of the limitation de19 termined for 2008 under such section 305(a)(2) 

20 for a residence of the applicable size. 

21 (b) DETERMINATION OF LIMITS.—The areas and 

22 area median prices used for purposes of the determina23 tions under subsection (a) shall be the areas and area me24 dian prices used by the Secretary of Housing and Urban 
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1 Development in determining the applicable limits under 

2 section 202 of this title. 

3 (c) RULE OF CONSTRUCTION.—A mortgage origi4 nated during the period referred to in subsection (a) that 

5 is eligible for purchase by the Federal National Mortgage 

6 Association or the Federal Home Loan Mortgage Corpora7 tion pursuant to this section shall be eligible for such pur8 chase for the duration of the term of the mortgage, not9 withstanding that such purchase occurs after the expira10 tion of such period. 

11 (d) EFFECT ON HOUSING GOALS.—Notwithstanding 

12 any other provision of law, mortgages purchased in ac13 cordance with the increased maximum original principal 

14 obligation limitations determined pursuant to this section 

15 shall not be considered in determining performance with 

16 respect to any of the housing goals established under sec17 tion 1332, 1333, or 1334 of the Housing and Community 

18 Development Act of 1992 (12 U.S.C. 4562–4), and shall 

19 not be considered in determining compliance with such 

20 goals pursuant to section 1336 of such Act (12 U.S.C. 

21 4566) and regulations, orders, or guidelines issued there22 under. 

23 (e) SENSE OF CONGRESS.—It is the sense of the Con24 gress that the securitization of mortgages by the Federal 

25 National Mortgage Association and the Federal Home 
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1 Loan Mortgage Corporation plays an important role in 

2 providing liquidity to the United States housing markets. 

3 Therefore, the Congress encourages the Federal National 

4 Mortgage Association and the Federal Home Loan Mort5 gage Corporation to securitize mortgages acquired under 

6 the increased conforming loan limits established in this 

7 section, to the extent that such securitizations can be ef8 fected in a timely and efficient manner that does not im9 pose additional costs for mortgages originated, purchased, 

10 or securitized under the existing limits or interfere with 

11 the goal of adding liquidity to the market. 

12 SEC. 202. TEMPORARY LOAN LIMIT INCREASE FOR FHA. 

13 (a) INCREASE OF HIGH-COST AREA LIMIT.—For 

14 mortgages for which the mortgagee has issued credit ap15 proval for the borrower on or before December 31, 2008, 

16 subparagraph (A) of section 203(b)(2) of the National 

17 Housing Act (12 U.S.C. 1709(b)(2)(A)) shall be consid18 ered (except for purposes of section 255(g) of such Act 

19 (12 U.S.C. 1715z–20(g))) to require that a mortgage shall 

20 involve a principal obligation in an amount that does not 

21 exceed the lesser of— 

22 (1) in the case of a 1-family residence, 125 per23 cent of the median 1-family house price in the area, 

24 as determined by the Secretary; and in the case of 

25 a 2-, 3-, or 4-family residence, the percentage of 
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1 such median price that bears the same ratio to such 

2 median price as the dollar amount limitation deter3 mined for 2008 under section 305(a)(2) of the Fed4 eral Home Loan Mortgage Corporation Act (12 

5 U.S.C. 1454(a)(2)) for a 2-, 3-, or 4-family resi6 dence, respectively, bears to the dollar amount limi7 tation determined for 2008 under such section for a 

8 1-family residence; or 

9 (2) 175 percent of the dollar amount limitation 

10 determined for 2008 under such section 305(a)(2) 

11 for a residence of the applicable size (without regard 

12 to any authority to increase such limitation with re13 spect to properties located in Alaska, Guam, Hawaii, 

14 or the Virgin Islands); 

15 except that the dollar amount limitation in effect under 

16 this subsection for any size residence for any area shall 

17 not be less than the greater of (A) the dollar amount limi18 tation in effect under such section 203(b)(2) for the area 

19 on October 21, 1998; or (B) 65 percent of the dollar 

20 amount limitation determined for 2008 under such section 

21 305(a)(2) for a residence of the applicable size. Any ref22 erence in this subsection to dollar amount limitations in 

23 effect under section 305 (a)(2) of the Federal Home Loan 

24 Mortgage Corporation Act means such limitations as in 
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1 effect without regard to any increase in such limitation 

2 pursuant to section 201 of this title. 

3 (b) DISCRETIONARY AUTHORITY.—If the Secretary 

4 of Housing and Urban Development determines that mar5 ket conditions warrant such an increase, the Secretary 

6 may, for the period that begins upon the date of the enact7 ment of this Act and ends at the end of the date specified 

8 in subsection (a), increase the maximum dollar amount 

9 limitation determined pursuant to subsection (a) with re10 spect to any particular size or sizes of residences, or with 

11 respect to residences located in any particular area or 

12 areas, to an amount that does not exceed the maximum 

13 dollar amount then otherwise in effect pursuant to sub14 section (a) for such size residence, or for such area (if 

15 applicable), by not more than $100,000. 

16 (c) PUBLICATION OF AREA MEDIAN PRICES AND

17 LOAN LIMITS.—The Secretary of Housing and Urban De18 velopment shall publish the median house prices and mort19 gage principal obligation limits, as revised pursuant to this 

20 section, for all areas as soon as practicable, but in no case 

21 more than 30 days after the date of the enactment of this 

22 Act. With respect to existing areas for which the Secretary 

23 has not established area median prices before such date 

24 of enactment, the Secretary may rely on existing commer-
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1 cial data in determining area median prices and calcu2 lating such revised principal obligation limits. 

Passed the House of Representatives January 29, 

2008. 

Attest: 

Clerk. 
110TH CONGRESS 

2D SESSION H. R. 5140 

AN ACT 

To provide economic stimulus through recovery reFHA loan limits. vestment, and an increase in conforming and bates to individuals, incentives for business in-