H. R. 5140 

One Hundred Tenth Congress 

of the 

United States of America 

AT THE SECOND SESSION 

Begun and held at the City of Washington on Thursday, 

the third day of January, two thousand and eight 

An Act 

To provide economic stimulus through recovery rebates to individuals, incentives 

for business investment, and an increase in conforming and FHA loan limits. 

Be it enacted by the Senate and House of Representatives of 

the United States of America in Congress assembled, 

SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

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

Stimulus Act of 2008’’. 

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

TITLE III—EMERGENCY DESIGNATION 

Sec. 301. Emergency designation. 

TITLE I—RECOVERY REBATES AND INCENTIVES FOR BUSINESS INVESTMENT 

SEC. 101. 2008 RECOVERY REBATES FOR INDIVIDUALS. 

(a) IN GENERAL.—Section 6428 of the Internal Revenue Code 

of 1986 is amended to read as follows: 

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

‘‘(a) IN GENERAL.—In the case of an eligible individual, there 

shall be allowed as a credit against the tax imposed by subtitle 

A for the first taxable year beginning in 2008 an amount equal 

to the lesser of— 

‘‘(1) net income tax liability, or 

‘‘(2) $600 ($1,200 in the case of a joint return). 

‘‘(b) SPECIAL RULES.— 

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

paragraph (2)— 
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‘‘(A) the amount determined under subsection (a) shall 

not be less than $300 ($600 in the case of a joint return), 

and 

‘‘(B) the amount determined under subsection (a) (after 

the application of subparagraph (A)) shall be increased 

by the product of $300 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the 

taxpayer. 

‘‘(2) TAXPAYER DESCRIBED.—A taxpayer is described in this 

paragraph if the taxpayer— 

‘‘(A) has qualifying income of at least $3,000, or 

‘‘(B) has— 

‘‘(i) net income tax liability which is greater than 

zero, and 

‘‘(ii) gross income which is greater than the sum 

of the basic standard deduction plus the exemption 

amount (twice the exemption amount in the case of 

a joint return). 

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

(a) shall be treated as allowed by subpart C of part IV of subchapter 

A of chapter 1. 

‘‘(d) LIMITATION BASED ON ADJUSTED GROSS INCOME.—The 

amount of the credit allowed by subsection (a) (determined without 

regard to this subsection and subsection (f)) shall be reduced (but 

not below zero) by 5 percent of so much of the taxpayer’s adjusted 

gross income as exceeds $75,000 ($150,000 in the case of a joint 

return). 

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

‘‘(1) QUALIFYING INCOME.—The term ‘qualifying income’ 

means— 

‘‘(A) earned income, 

‘‘(B) social security benefits (within the meaning of 

section 86(d)), and 

‘‘(C) any compensation or pension received under 

chapter 11, chapter 13, or chapter 15 of title 38, United 

States Code. 

‘‘(2) NET INCOME TAX LIABILITY.—The term ‘net income 

tax liability’ means the excess of— 

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

(within the meaning of section 26(b)) and the tax imposed 

by section 55 for the taxable year, over 

‘‘(B) the credits allowed by part IV (other than section 

24 and subpart C thereof) of subchapter A of chapter 1. 

‘‘(3) ELIGIBLE INDIVIDUAL.—The term ‘eligible individual’ 

means any individual other than— 

‘‘(A) any nonresident alien individual, 

‘‘(B) any individual with respect to whom a deduction 

under section 151 is allowable to another taxpayer for 

a taxable year beginning in the calendar year in which 

the individual’s taxable year begins, and 

‘‘(C) an estate or trust. 

‘‘(4) EARNED INCOME.—The term ‘earned income’ has the 

meaning set forth in section 32(c)(2) except that— 

‘‘(A) subclause (II) of subparagraph (B)(vi) thereof shall 

be applied by substituting ‘January 1, 2009’ for ‘January 

1, 2008’, and 
H. R. 5140—3 

‘‘(B) such term shall not include net earnings from 

self-employment which are not taken into account in computing taxable income. 

‘‘(5) BASIC STANDARD DEDUCTION; EXEMPTION AMOUNT.— 

The terms ‘basic standard deduction’ and ‘exemption amount’ 

shall have the same respective meanings as when used in 

section 6012(a). 

‘‘(f) COORDINATION WITH ADVANCE REFUNDS OF CREDIT.— 

‘‘(1) IN GENERAL.—The amount of credit which would (but 

for this paragraph) be allowable under this section shall be 

reduced (but not below zero) by the aggregate refunds and 

credits made or allowed to the taxpayer under subsection (g). 

Any failure to so reduce the credit shall be treated as arising 

out of a mathematical or clerical error and assessed according 

to section 6213(b)(1). 

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

made or allowed under subsection (g) with respect to a joint 

return, half of such refund or credit shall be treated as having 

been made or allowed to each individual filing such return. 

‘‘(g) ADVANCE REFUNDS AND CREDITS.— ‘‘(1) IN GENERAL.—Each individual who was an eligible 

individual for such individual’s first taxable year beginning 

in 2007 shall be treated as having made a payment against 

the tax imposed by chapter 1 for such first taxable year in 

an amount equal to the advance refund amount for such taxable 

year. 

‘‘(2) ADVANCE REFUND AMOUNT.—For purposes of paragraph 

(1), the advance refund amount is the amount that would 

have been allowed as a credit under this section for such 

first taxable year if this section (other than subsection (f) and 

this subsection) had applied to such taxable year. 

‘‘(3) TIMING OF PAYMENTS.—The Secretary shall, subject 

to the provisions of this title, refund or credit any overpayment 

attributable to this section as rapidly as possible. No refund 

or credit shall be made or allowed under this subsection after 

December 31, 2008. 

‘‘(4) NO INTEREST.—No interest shall be allowed on any 

overpayment attributable to this section. 

‘‘(h) IDENTIFICATION NUMBER REQUIREMENT.— 

‘‘(1) IN GENERAL.—No credit shall be allowed under subsection (a) to an eligible individual who does not include on 

the return of tax for the taxable year— 

‘‘(A) such individual’s valid identification number, 

‘‘(B) in the case of a joint return, the valid identification 

number of such individual’s spouse, and 

‘‘(C) in the case of any qualifying child taken into 

account under subsection (b)(1)(B), the valid identification 

number of such qualifying child. 

‘‘(2) VALID IDENTIFICATION NUMBER.—For purposes of paragraph (1), the term ‘valid identification number’ means a social 

security number issued to an individual by the Social Security 

Administration. Such term shall not include a TIN issued by 

the Internal Revenue Service.’’. 

(b) ADMINISTRATIVE AMENDMENTS.— (1) DEFINITION OF DEFICIENCY.—Section 6211(b)(4)(A) of 

the Internal Revenue Code of 1986 is amended by striking 

‘‘and 53(e)’’ and inserting ‘‘53(e), and 6428’’. 
H. R. 5140—4 

(2) MATHEMATICAL OR CLERICAL ERROR AUTHORITY.—Section 6213(g)(2)(L) of such Code is amended by striking ‘‘or 

32’’ and inserting ‘‘32, or 6428’’. 

(c) TREATMENT OF POSSESSIONS.— 

(1) PAYMENTS TO POSSESSIONS.— 

(A) MIRROR CODE POSSESSION.—The Secretary of the 

Treasury shall make a payment to each possession of the 

United States with a mirror code tax system in an amount 

equal to the loss to that possession by reason of the amendments made by this section. Such amount shall be determined by the Secretary of the Treasury based on information provided by the government of the respective possession. 

(B) OTHER POSSESSIONS.—The Secretary of the 

Treasury shall make a payment to each possession of the 

United States which does not have a mirror code tax system 

in an amount estimated by the Secretary of the Treasury 

as being equal to the aggregate benefits that would have 

been provided to residents of such possession by reason 

of the amendments made by this section if a mirror code 

tax system had been in effect in such possession. The 

preceding sentence shall not apply with respect to any 

possession of the United States unless such possession 

has a plan, which has been approved by the Secretary 

of the Treasury, under which such possession will promptly 

distribute such payment to the residents of such possession. 

(2) COORDINATION WITH CREDIT ALLOWED AGAINST UNITED

STATES INCOME TAXES.—No credit shall be allowed against 

United States income taxes under section 6428 of the Internal 

Revenue Code of 1986 (as amended by this section) to any 

person— 

(A) to whom a credit is allowed against taxes imposed 

by the possession by reason of the amendments made by 

this section, or 

(B) who is eligible for a payment under a plan described 

in paragraph (1)(B). 

(3) DEFINITIONS AND SPECIAL RULES.— 

(A) POSSESSION OF THE UNITED STATES.—For purposes 

of this subsection, the term ‘‘possession of the United 

States’’ includes the Commonwealth of Puerto Rico and 

the Commonwealth of the Northern Mariana Islands. 

(B) MIRROR CODE TAX SYSTEM.—For purposes of this 

subsection, the term ‘‘mirror code tax system’’ means, with 

respect to any possession of the United States, the income 

tax system of such possession if the income tax liability 

of the residents of such possession under such system is 

determined by reference to the income tax laws of the 

United States as if such possession were the United States. 

(C) TREATMENT OF PAYMENTS.—For purposes of section 

1324(b)(2) of title 31, United States Code, the payments 

under this subsection shall be treated in the same manner 

as a refund due from the credit allowed under section 

6428 of the Internal Revenue Code of 1986 (as amended 

by this section). 

(d) REFUNDS DISREGARDED IN THE ADMINISTRATION OF FEDERAL

PROGRAMS AND FEDERALLY ASSISTED PROGRAMS.—Any credit or 

refund allowed or made to any individual by reason of section 
H. R. 5140—5 

6428 of the Internal Revenue Code of 1986 (as amended by this 

section) or by reason of subsection (c) of this section shall not 

be taken into account as income and shall not be taken into account 

as resources for the month of receipt and the following 2 months, 

for purposes of determining the eligibility of such individual or 

any other individual for benefits or assistance, or the amount or 

extent of benefits or assistance, under any Federal program or 

under any State or local program financed in whole or in part 

with Federal funds. 

(e) APPROPRIATIONS TO CARRY OUT REBATES.— 

(1) IN GENERAL.—Immediately upon the enactment of this 

Act, the following sums are appropriated, out of any money 

in the Treasury not otherwise appropriated, for the fiscal year 

ending September 30, 2008: 

(A) DEPARTMENT OF THE TREASURY.— 

(i) For an additional amount for ‘‘Department of 

the Treasury—Financial Management Service—Salaries and Expenses’’, $64,175,000, to remain available 

until September 30, 2009. 

(ii) For an additional amount for ‘‘Department of 

the Treasury—Internal Revenue Service—Taxpayer 

Services’’, $50,720,000, to remain available until September 30, 2009. 

(iii) For an additional amount for ‘‘Department 

of the Treasury—Internal Revenue Service—Operations Support’’, $151,415,000, to remain available 

until September 30, 2009. 

(B) SOCIAL SECURITY ADMINISTRATION.—For an additional amount for ‘‘Social Security Administration—Limitation on Administrative Expenses’’, $31,000,000, to remain 

available until September 30, 2008. 

(2) REPORTS.—No later than 15 days after enactment of 

this Act, the Secretary of the Treasury shall submit a plan 

to the Committees on Appropriations of the House of Representatives and the Senate detailing the expected use of the funds 

provided by paragraph (1)(A). Beginning 90 days after enactment of this Act, the Secretary of the Treasury shall submit 

a quarterly report to the Committees on Appropriations of 

the House of Representatives and the Senate detailing the 

actual expenditure of funds provided by paragraph (1)(A) and 

the expected expenditure of such funds in the subsequent 

quarter. 

(f) CONFORMING AMENDMENTS.— 

(1) Paragraph (2) of section 1324(b) of title 31, United 

States Code, is amended by inserting ‘‘or 6428’’ after ‘‘section 

35’’. 

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

Code of 1986 is amended by striking subparagraph (D). 

(3) The item relating to section 6428 in the table of sections 

for subchapter B of chapter 65 of such Code is amended to 

read as follows: 

‘‘Sec. 6428. 2008 recovery rebates for individuals.’’. 
H. R. 5140—6 

SEC. 102. TEMPORARY INCREASE IN LIMITATIONS ON EXPENSING OF 

CERTAIN DEPRECIABLE BUSINESS ASSETS. 

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

Revenue Code of 1986 (relating to limitations) is amended by adding 

at the end the following new paragraph: 

‘‘(7) INCREASE IN LIMITATIONS FOR 2008.—In the case of 

any taxable year beginning in 2008— 

‘‘(A) the dollar limitation under paragraph (1) shall 

be $250,000, 

‘‘(B) the dollar limitation under paragraph (2) shall 

be $800,000, and 

‘‘(C) the amounts described in subparagraphs (A) and 

(B) shall not be adjusted under paragraph (5).’’. 

(b) EFFECTIVE DATE.—The amendment made by this section 

shall apply to taxable years beginning after December 31, 2007. 

SEC. 103. SPECIAL ALLOWANCE FOR CERTAIN PROPERTY ACQUIRED 

DURING 2008. 

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

Revenue Code of 1986 (relating to special allowance for certain 

property acquired after September 10, 2001, and before January 

1, 2005) is amended— 

(1) by striking ‘‘September 10, 2001’’ each place it appears 

and inserting ‘‘December 31, 2007’’, 

(2) by striking ‘‘September 11, 2001’’ each place it appears 

and inserting ‘‘January 1, 2008’’, 

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

and inserting ‘‘January 1, 2009’’, and 

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

and inserting ‘‘January 1, 2010’’. 

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

168(k)(1) of such Code is amended by striking ‘‘30 percent’’ and 

inserting ‘‘50 percent’’. 

(c) CONFORMING AMENDMENTS.— (1) Subclause (I) of section 168(k)(2)(B)(i) of such Code 

is amended by striking ‘‘and (iii)’’ and inserting ‘‘(iii), and 

(iv)’’. 

(2) Subclause (IV) of section 168(k)(2)(B)(i) of such Code 

is amended by striking ‘‘clauses (ii) and (iii)’’ and inserting 

‘‘clause (iii)’’. 

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

amended by striking ‘‘and (iii)’’ and inserting ‘‘, (iii), and (iv)’’. 

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

amended by striking ‘‘$4,600’’ and inserting ‘‘$8,000’’. 

(5)(A) Subsection (k) of section 168 of such Code is amended 

by striking paragraph (4). 

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

amended by striking the last sentence. 

(6) Paragraph (4) of section 168(l) of such Code is amended 

by redesignating subparagraphs (A), (B), and (C) as subparagraphs (B), (C), and (D) and inserting before subparagraph 

(B) (as so redesignated) the following new subparagraph: 

‘‘(A) BONUS DEPRECIATION PROPERTY UNDER SUB- SECTION (k).—Such term shall not include any property 

to which section 168(k) applies.’’. 

(7) Paragraph (5) of section 168(l) of such Code is 

amended— 
H. R. 5140—7 

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

(A) and inserting ‘‘December 31, 2007’’, and 

(B) by striking ‘‘January 1, 2005’’ in subparagraph 

(B) and inserting ‘‘January 1, 2009’’. 

(8) Subparagraph (D) of section 1400L(b)(2) of such Code 

is amended by striking ‘‘January 1, 2005’’ and inserting 

‘‘January 1, 2010’’. 

(9) Paragraph (3) of section 1400N(d) of such Code is 

amended— 

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

(A) and inserting ‘‘December 31, 2007’’, and 

(B) by striking ‘‘January 1, 2005’’ in subparagraph 

(B) and inserting ‘‘January 1, 2009’’. 

(10) Paragraph (6) of section 1400N(d) of such Code is 

amended by adding at the end the following new subparagraph: 

‘‘(E) EXCEPTION FOR BONUS DEPRECIATION PROPERTY

UNDER SECTION 168(k).—The term ‘specified Gulf Opportunity Zone extension property’ shall not include any property to which section 168(k) applies.’’. 

(11) The heading for subsection (k) of section 168 of such 

Code is amended— 

(A) by striking ‘‘SEPTEMBER 10, 2001’’ and inserting 

‘‘DECEMBER 31, 2007’’, and 

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

‘‘JANUARY 1, 2009’’. 

(12) The heading for clause (ii) of section 168(k)(2)(B) of 

such Code is amended by striking ‘‘PRE-JANUARY 1, 2005’’ and 

inserting ‘‘PRE-JANUARY 1, 2009’’. 

(d) EFFECTIVE DATE.—The amendments made by this section 

shall apply to property placed in service after December 31, 2007, 

in taxable years ending after such date. 

TITLE II—HOUSING GSE AND FHA LOAN 

LIMITS 

SEC. 201. TEMPORARY CONFORMING LOAN LIMIT INCREASE FOR 

FANNIE MAE AND FREDDIE MAC. 

(a) INCREASE OF HIGH COST AREAS LIMITS FOR HOUSING

GSES.—For mortgages originated during the period beginning on 

July 1, 2007, and ending at the end of December 31, 2008: 

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

Mortgage Association, notwithstanding section 302(b)(2) of the 

Federal National Mortgage Association Charter Act (12 U.S.C. 

1717(b)(2)), the limitation on the maximum original principal 

obligation of a mortgage that may be purchased by the Association shall be the higher of— 

(A) the limitation for 2008 determined under such section 302(b)(2) for a residence of the applicable size; or 

(B) 125 percent of the area median price for a residence 

of the applicable size, but in no case to exceed 175 percent 

of the limitation for 2008 determined under such section 

302(b)(2) for a residence of the applicable size. 

(2) FREDDIE MAC.—With respect to the Federal Home Loan 

Mortgage Corporation, notwithstanding section 305(a)(2) of the 

Federal Home Loan Mortgage Corporation Act (12 U.S.C. 

1454(a)(2)), the limitation on the maximum original principal 
H. R. 5140—8 

obligation of a mortgage that may be purchased by the Corporation shall be the higher of— 

(A) the limitation determined for 2008 under such section 305(a)(2) for a residence of the applicable size; or 

(B) 125 percent of the area median price for a residence 

of the applicable size, but in no case to exceed 175 percent 

of the limitation determined for 2008 under such section 

305(a)(2) for a residence of the applicable size. 

(b) DETERMINATION OF LIMITS.—The areas and area median 

prices used for purposes of the determinations under subsection 

(a) shall be the areas and area median prices used by the Secretary 

of Housing and Urban Development in determining the applicable 

limits under section 202 of this title. 

(c) RULE OF CONSTRUCTION.—A mortgage originated during 

the period referred to in subsection (a) that is eligible for purchase 

by the Federal National Mortgage Association or the Federal Home 

Loan Mortgage Corporation pursuant to this section shall be eligible 

for such purchase for the duration of the term of the mortgage, 

notwithstanding that such purchase occurs after the expiration 

of such period. 

(d) EFFECT ON HOUSING GOALS.—Notwithstanding any other 

provision of law, mortgages purchased in accordance with the 

increased maximum original principal obligation limitations determined pursuant to this section shall not be considered in determining performance with respect to any of the housing goals established under section 1332, 1333, or 1334 of the Housing and 

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

not be considered in determining compliance with such goals pursuant to section 1336 of such Act (12 U.S.C. 4566) and regulations, 

orders, or guidelines issued thereunder. 

(e) SENSE OF CONGRESS.—It is the sense of the Congress that 

the securitization of mortgages by the Federal National Mortgage 

Association and the Federal Home Loan Mortgage Corporation plays 

an important role in providing liquidity to the United States housing 

markets. Therefore, the Congress encourages the Federal National 

Mortgage Association and the Federal Home Loan Mortgage Corporation to securitize mortgages acquired under the increased conforming loan limits established in this section, to the extent that 

such securitizations can be effected in a timely and efficient manner 

that does not impose additional costs for mortgages originated, 

purchased, or securitized under the existing limits or interfere 

with the goal of adding liquidity to the market. 

SEC. 202. TEMPORARY LOAN LIMIT INCREASE FOR FHA. 

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

which the mortgagee has issued credit approval for the borrower 

on or before December 31, 2008, subparagraph (A) of section 

203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)(A)) 

shall be considered (except for purposes of section 255(g) of such 

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

a principal obligation in an amount that does not exceed the lesser 

of— 

(1) in the case of a 1-family residence, 125 percent of 

the median 1-family house price in the area, as determined 

by the Secretary; and in the case of a 2-, 3-, or 4-family 

residence, the percentage of such median price that bears the 

same ratio to such median price as the dollar amount limitation 
H. R. 5140—9 

determined for 2008 under section 305(a)(2) of the Federal 

Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) 

for a 2-, 3-, or 4-family residence, respectively, bears to the 

dollar amount limitation determined for 2008 under such section for a 1-family residence; or 

(2) 175 percent of the dollar amount limitation determined 

for 2008 under such section 305(a)(2) for a residence of the 

applicable size (without regard to any authority to increase 

such limitation with respect to properties located in Alaska, 

Guam, Hawaii, or the Virgin Islands); 

except that the dollar amount limitation in effect under this subsection for any size residence for any area shall not be less than 

the greater of: (A) the dollar amount limitation in effect under 

such section 203(b)(2) for the area on October 21, 1998; or (B) 

65 percent of the dollar amount limitation determined for 2008 

under such section 305(a)(2) for a residence of the applicable size. 

Any reference in this subsection to dollar amount limitations in 

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

Corporation Act means such limitations as in effect without regard 

to any increase in such limitation pursuant to section 201 of this 

title. 

(b) DISCRETIONARY AUTHORITY.—If the Secretary of Housing 

and Urban Development determines that market conditions warrant 

such an increase, the Secretary may, for the period that begins 

upon the date of the enactment of this Act and ends at the end 

of the date specified in subsection (a), increase the maximum dollar 

amount limitation determined pursuant to subsection (a) with 

respect to any particular size or sizes of residences, or with respect 

to residences located in any particular area or areas, to an amount 

that does not exceed the maximum dollar amount then otherwise 

in effect pursuant to subsection (a) for such size residence, or 

for such area (if applicable), by not more than $100,000. 

(c) PUBLICATION OF AREA MEDIAN PRICES AND LOAN LIMITS.— The Secretary of Housing and Urban Development shall publish 

the median house prices and mortgage principal obligation limits, 

as revised pursuant to this section, for all areas as soon as practicable, but in no case more than 30 days after the date of the 

enactment of this Act. With respect to existing areas for which 

the Secretary has not established area median prices before such 

date of enactment, the Secretary may rely on existing commercial 

data in determining area median prices and calculating such revised 

principal obligation limits. 
H. R. 5140—10 

TITLE III—EMERGENCY DESIGNATION 

SEC. 301. EMERGENCY DESIGNATION. 

For purposes of Senate enforcement, all provisions of this Act 

are designated as emergency requirements and necessary to meet 

emergency needs pursuant to section 204 of S. Con. Res. 21 (110th 

Congress), the concurrent resolution on the budget for fiscal year 

2008. 

Speaker of the House of Representatives. 

Vice President of the United States and

President of the Senate.