Economic Stimulus Act of 2008

Bill: 110-hr-5140
Sponsor: Rep. Pelosi, Nancy [D-CA-8]
Introduced: 2008-01-28 in the House
Policy area: Economics and Public Finance
Subjects: Appropriations
Commerce
Congress
Congressional reporting requirements
Corporation taxes
Depreciation and amortization
Finance and Financial Sector
Housing and Community Development
Income tax
Mortgages
Northern Mariana Islands
Puerto Rico
Secondary mortgage market
Tax credits
Tax deductions
Tax rebates
Taxation

Summary:
action_date: 2008-01-28
text: 
Recovery Rebates and Economic Stimulus for the American People Act of 2008 - Amends the Internal Revenue Code to: (1) grant tax rebates of the lesser of net income tax liability or $600 to individual taxpayers in 2008 ($1,200 to married couples filing joint returns, plus $300 for each dependent child); (2) provide for a minimum tax rebate of $300 ($600 for joint returns) for taxpayers with earned income of at least $3,000; (3) increase to $250,000 in 2008 the expensing allowance for depreciable business assets; and (4) allow business taxpayers a 50% bonus depreciation allowance for equipment placed in service in 2008. Reduces taxpayer rebates by 5% of the amount that exceeds an adjusted gross income of $75,000 ($150,000 for joint returns). 

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).

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.

 Establishes a temporary loan limit increase for mortgages in specified high-cost areas if the borrower receives credit approval by December 31, 2008.

Grants the Secretary of Housing and Urban Development (HUD) discretionary authority to increase loan limits for a specified period.

action_date: 2008-01-29
text: 

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Recovery Rebates and Economic Stimulus for the American People Act of 2008 - T
itle I: Recovery Rebates and Incentives for Business Investment
 - (Sec. 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.

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 payment of rebates after December 31, 2008.

Provides for payment of comparable tax rebates to residents of the Commonwealths of Puerto Rico and the Northern Mariana Islands. 

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.

(Sec. 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.

(Sec. 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
 - (Sec. 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.

(Sec. 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. 

action_date: 2008-02-07
text: 
Economic Stimulus Act of 2008 - T
itle I: Recovery Rebates and Incentives for Business Investment
 - (Sec. 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.

(Sec. 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.

(Sec. 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
 - (Sec. 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.

(Sec. 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. 

action_date: 2008-02-13
text: 

(This measure has not been amended since it was passed by the Senate on February 7, 2008. The summary of that version is repeated here.)

Economic Stimulus Act of 2008 - T
itle I: Recovery Rebates and Incentives for Business Investment
 - (Sec. 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.

(Sec. 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.

(Sec. 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
 - (Sec. 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.

(Sec. 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. 


Legislative actions:
action_date: 2008-02-13
text: Became Public Law No: 110-185.
action_date: 2008-02-13
text: Became Public Law No: 110-185.
action_date: 2008-02-13
text: Signed by President.
action_date: 2008-02-13
text: Signed by President.
action_date: 2008-02-08
text: Presented to President.
action_date: 2008-02-08
text: Presented to President.
action_date: 2008-02-07
text: Cleared for White House.
action_date: 2008-02-07
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2008-02-07
text: On motion that the House agree to the Senate amendment Agreed to by the Yeas and Nays: 380 - 34 (Roll no. 42). (text as House agreed to Senate amendment: CR H784-786)
action_date: 2008-02-07
text: Resolving differences -- House actions: On motion that the House agree to the Senate amendment Agreed to by the Yeas and Nays: 380 - 34 (Roll no. 42).(text as House agreed to Senate amendment: CR H784-786)
action_date: 2008-02-07
text: The previous question was ordered pursuant to a previous special order. (consideration: CR H792)
action_date: 2008-02-07
text: Message on Senate action sent to the House.
action_date: 2008-02-07
text: DEBATE - Pursuant to a previous special order, the House proceeded with forty minutes of debate on the Rangel motion to agree to the Senate amendment to H.R. 5140.
action_date: 2008-02-07
text: Mr. Rangel moved that the House agree to the Senate amendment. (consideration: CR H784-793)
action_date: 2008-02-07
text: Considered pursuant to a previous special order of the House.
action_date: 2008-02-07
text: ORDER OF BUSINESS - Mr. Rangel asked unanimous consent that it may be in order at any time to take from the Speaker's table the bill H.R. 5140, with the Senate amendment thereto, and without intervention of any point of order, entertain a motion by the Chairman of the Ways and Means Committee to agree to the Senate amendment; that the motion shall be debatable for not to exceed forty minutes, equally divided and controlled; that the Senate amendment and the motion be considered as read; and that the previous question on the motion be considered as ordered to its adoption without intervening motion. Agreed to without objection.
action_date: 2008-02-07
text: Passed Senate with an amendment by Yea-Nay Vote. 81 - 16. Record Vote Number: 10.
action_date: 2008-02-07
text: Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 81 - 16. Record Vote Number: 10.
action_date: 2008-02-07
text: Motion by Senator Reid to commit to Senate Committee on Finance with instructions to report back forthwith, with the following amendment (SA 3985) withdrawn in Senate. (consideration: CR S762)
action_date: 2008-02-07
text: Considered by Senate. (consideration: CR S762-773)
action_date: 2008-02-06
text: Considered by Senate. (consideration: CR S715-725)
action_date: 2008-02-05
text: Motion by Senator Reid to commit to Senate Committee on Finance with instructions to report back forthwith, with the following amendment (SA 3985) made in Senate. (consideration: CR S656; text: CR S656)
action_date: 2008-02-05
text: Measure laid before Senate by motion. (consideration: CR S656)
action_date: 2008-02-05
text: Motion to proceed to measure considered in Senate. (consideration: CR S626-627, S627-636, S637-638, S655)
action_date: 2008-02-04
text: Cloture on the motion to proceed to the measure invoked in Senate by Yea-Nay Vote. 80 - 4. Record Vote Number: 5. (consideration: CR S580-589, S589-591, S591-594, S596; text: CR S581)
action_date: 2008-01-31
text: Motion to proceed to consideration of measure withdrawn in Senate. (consideration: CR S530)
action_date: 2008-01-31
text: Cloture motion on the motion to proceed to the measure presented in Senate. (consideration: CR S530; text: CR S530)
action_date: 2008-01-31
text: Motion to proceed to consideration of measure made in Senate. (consideration: CR S530)
action_date: 2008-01-30
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 566.
action_date: 2008-01-29
text: Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2008-01-29
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2008-01-29
text: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 385 - 35, 1 Present (Roll no. 25). (text: CR H485-487)
action_date: 2008-01-29
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 385 - 35, 1 Present (Roll no. 25).(text: CR H485-487)
action_date: 2008-01-29
text: DEBATE - The House proceeded with debate on H.R. 5140.
action_date: 2008-01-29
text: Considered under suspension of the rules. (consideration: CR H485-509)
action_date: 2008-01-29
text: Mr. Rangel moved to suspend the rules and pass the bill.
action_date: 2008-01-28
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-01-28
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-01-28
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-01-28
text: Introduced in House
action_date: 2008-01-28
text: Introduced in House

Enacted as: number: 110-185