Taxation

AGRICULTURE, RURAL DEVELOPMENT, FOOD AND DRUG ADMINISTRATION, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2009

United States · United States Senate · 31 December 2008

COMMERCE, JUSTICE, SCIENCE, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2009

United States · United States Senate · 31 December 2008

DEPARTMENT OF THE INTERIOR, ENVIRONMENT, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2009

United States · United States Senate · 31 December 2008

DEPARTMENTS OF LABOR, HEALTH AND HUMAN SERVICES, AND EDUCATION, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2009

United States · United States Senate · 31 December 2008

ENERGY AND WATER DEVELOPMENT APPROPRIATIONS FOR FISCAL YEAR 2009

United States · United States Senate · 31 December 2008

TRANSPORTATION AND HOUSING AND URBAN DEVELOPMENT, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2009

United States · United States Senate · 31 December 2008

A bill to amend chapter 417 of title 49, United States Code, to require air carriers and ticket brokers to notify consumers of taxes, fees, charges, and fuel surcharges in a timely manner, and for other purposes.

United States · United States Congress · 11 December 2008

Makes it an unfair or deceptive practice for: (1) a domestic or foreign air carrier or ticket broker to display (including to an online purchaser) the airline ticket price without simultaneously displaying all applicable ticket taxes, fees, charges, and fuel surcharges; and (2) a domestic or foreign air carrier to fail to provide certain information to an online ticket purchaser, including fees for checked baggage, seating assignments, and optional in-flight goods and services. Makes it an unfair or deceptive practice, as well, for any domestic or foreign air carrier to increase ticket prices through a fuel surcharge that is not correlated to the price of fuel paid or the amount of fuel used by the air carrier. Requires the Secretary of Transportation to issue regulations to: (1) carry out this Act; and (2) establish a procedure to calculate whether a domestic or foreign air carrier's fuel surcharges are sufficiently related to its fuel costs.

Sell Fuel Efficient Cars Act of 2008

United States · United States Congress · 11 December 2008

Sell Fuel Efficient Cars Act of 2008 - Directs the Secretary of the Treasury to establish the Passenger Automobile Trade-In Program to provide eligible individuals with subsidies to purchase eligible new automobiles in exchange for eligible old automobiles. Defines as eligible individuals those who (among other requirements) do not have more than three passenger automobiles registered under his or her name and whose adjusted gross income was not more than $25,000 ($40,000 in the case of a joint tax return). Defines as eligible new automobiles (among other requirements) those that were manufactured by a U.S. automaker whose failure would have a systemic adverse effect on the overall U.S. economy, were assembled in the United States, and have a fuel economy of not less than 25 miles per gallon (MPG) or more than 4.9 MPG greater than the eligible old automobile. Defines as eligible old automobiles (among other requirements) those that are operable, were first registered by any person not less than ten years before a trade is initiated, and are registered under the eligible individual's name before December 1, 2008. Directs the Secretary to provide $10,000 to the seller (automaker) of each new automobile who trades a new automobile to an eligible individual in exchange for an old automobile. Requires the eligible individual to pay the seller the difference between the purchase price of the new automobile and the $10,000 provided by the Secretary. Requires eligible old automobiles to be destroyed and disposed of.

A bill to amend the Internal Revenue Code of 1986 to provide for the eligibility of computer technology and equipment development businesses for enterprise zone incentives.

United States · United States Congress · 11 December 2008

Amends the Internal Revenue Code to include a computer technology or equipment development business within the definition of a "qualified business" for purposes of enterprise zone tax incentives.

Livestock Emissions Tax Ban Act

United States · United States Congress · 10 December 2008

Livestock Emissions Tax Ban Act - Amends the Clean Air Act to prohibit the Administrator of the Environmental Protection Agency (EPA) from imposing a fee or tax under such Act on any direct gaseous emissions by livestock.

To amend the Internal Revenue Code of 1986 to prevent the alternative minimum tax from effectively repealing the Federal tax exemption for interest on State and local private activity bonds.

United States · United States Congress · 10 December 2008

Amends the Internal Revenue Code to eliminate tax-exempt interest earned on private activity bonds as an item of tax preference for purposes of calculating the alternative minimum tax.

Taxpayer Relief Act of 2008

United States · United States Congress · 10 December 2008

Taxpayer Relief Act of 2008 - Reduces for 2008 income tax purposes: (1) the taxable income of a taxpayer by $125,000 ($250,000 in the case of a joint return); and (2) the rate of tax on taxable income in excess of $125,000 by 5%.

Worker, Retiree, and Employer Recovery Act of 2008

United States · United States Congress · 10 December 2008

Worker, Retiree, and Employer Recovery Act of 2008 - Makes technical corrections to the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to conform to the Pension Protection Act of 2006 regarding various specified items, including: (1) the target normal cost of benefits; (2) specified implementation and effective dates for certain requirements; (3) one-participant retirement plans; (4) special age-related rules in accrued benefit requirements for applicable defined benefit plans; (5) inapplicability in certain cases of the limitation on income deductions (for tax purposes) for employer contributions to one or more defined contribution plans; and (6) adjustments to averaging in the determination of the value of the assets of single-employer defined benefit pension plans for minimum funding purposes. Makes technical corrections to the Railroad Retirement Act of 1974 with respect to railroad retirement payments to persons not entitled to an annuity. Makes technical corrections to the Age Discrimination in Employment Act of 1967 with respect to special age-related rules for determination of the market rate of return in the calculation of interest credits in governmental defined benefit plans. Makes technical corrections to the Internal Revenue Code to modify: (1) the interest rate assumption required with respect to certain small employer plans; and (2) the penalties for failure to file partnership returns and S corporation returns. Prescribes a special rule for exclusion from gross income of certain reimbursements from governmental plans for medical care. Requires treatment as a qualified rollover contribution of any airline payment amount received by a qualified airline employee in an airline carrier bankruptcy which is transferred to a Roth IRA. Revises asset valuation rules for certain commercial airline benefit plans. Provides a waiver of minimum distribution requirements for certain retirement plans for 2009. Sets forth requirements to: (1) provide for the delay of the designation of multiemployer benefit plans as endangered or critical for FY2009; and (2) extend the funding improvement and rehabilitation periods for such plans that are endangered or critical for FY2008 or FY2009.

Making appropriations for financial services and general government for the fiscal year ending September 30, 2009, and for other purposes.

United States · United States Congress · 10 December 2008

Financial Services and General Government Appropriations Act, 2009 - Department of the Treasury Appropriations Act, 2008 - Makes appropriations for FY2009 for the Department of the Treasury. Executive Office of the President Appropriations Act, 2009 - Makes appropriations for FY2009 for the Executive Office of the President. Judiciary Appropriations Act, 2009 - Makes appropriations for FY2009 for the U.S. Supreme Court and other federal courts and related offices. District of Columbia Appropriations Act, 2009 - Makes appropriations for FY2009 for the District of Columbia. Makes appropriations for FY2009 for independent agencies, including: (1) the Consumer Product Safety Commission (CPSC); (2) the Election Assistance Commission; (3) the Federal Communications Commission (FCC); (4) the Federal Deposit Insurance Corporation (FDIC), for its Office of Inspector General; (5) the Federal Election Commission (FEC); (6) the Federal Labor Relations Authority (FLRA); (7) the Federal Trade Commission (FTC); (8) the General Services Administration (GSA); (9) the Merit Systems Protection Board; (10) Morris K. Udall Scholarship and Excellence in National Environmental Policy Foundation; (11) the Environmental Dispute Resolution Fund; (12) the National Archives and Records Administration; (13) the National Credit Union Administration (NCUA); (14) the Office of Government Ethics; (15) the Office of Personnel Management (OPM); (16) the Office of Special Counsel; (17) the Postal Regulatory Commission; (18) the Privacy and Civil Liberties Oversight Board; (19) the Securities and Exchange Commission (SEC); (20) the Selective Service System; (21) the Small Business Administration (SBA); (22) the U.S. Postal Service; and (23) the U.S. Tax Court. Specifies certain uses and limits on or prohibitions against the use of funds appropriated by this Act.

Taxpayer Holiday Act for 2009

United States · United States Congress · 10 December 2008

Taxpayer Holiday Act for 2009 - Excludes up to $125,000 ($250,000 in the case of a joint return) of wages or self-employment income earned in the first six months of the first taxable year beginning in 2009 from federal income and employment taxation. Reduces income tax rates on taxable income exceeding $125,000 ($250,000 in the case of a joint return).

To amend title 31, United States Code, to allow certain local tax debt to be collected through the reduction of Federal tax refunds.

United States · United States Congress · 10 December 2008

Directs the Secretary of the Treasury to reduce the federal tax refund of any taxpayer who owes a past-due, legally enforceable tax obligation to a local government by the amount of such obligation. Requires notice to the taxpayer of the refund reduction. Amends the Internal Revenue Code to permit disclosure of taxpayer information to agencies of states requesting refund offsets for tax debts owed to local governments.

Economic Recovery Through Responsible Homeownership Act of 2008

United States · United States Congress · 10 December 2008

Economic Recovery Through Responsible Homeownership Act of 2008 - Amends the Internal Revenue Code to allow an individual taxpayer a refundable tax credit for the purchase in 2009 or 2010 of a residence located in the United States if the construction of such residence began before 2010 and the taxpayer makes a downpayment of at least 10% of the purchase price. Limits the amount of such credit to $5,000 ($10,000 if the downpayment is at least 15% of the purchase price).

State and Local Sales Tax Deduction Expansion Act of 2008

United States · United States Congress · 9 December 2008

State and Local Sales Tax Deduction Expansion Act of 2008 - Amends the Internal Revenue Code to allow all individual taxpayers a tax deduction for state and local general sales taxes (current law allows taxpayers an election to deduct either state and local income taxes or sales taxes).

To amend the Internal Revenue Code of 1986 to suspend employment and income taxes for the first two months of 2009, and for other purposes.

United States · United States Congress · 9 December 2008

Amends the Internal Revenue Code to: (1) reduce to 0% the employment tax on employers, employees, and self-employed individuals during the first two months of 2009; and (2) exclude from gross income any wage and self-employment income earned during the first two months of 2009. Amends the Emergency Economic Stabilization Act of 2008 to repeal procedures for authorizing the Secretary of the Treasury to obligate additional amounts under the Troubled Asset Relief Program (TARP). Requires the Secretary to: (1) estimate the impact of this Act on the income and balances of the social security trust funds; and (2) transfer amounts from the Treasury to such trust funds if there is any reduction in the income and balances of such trust funds resulting from this Act. Terminates the authority of the Secretary under the Emergency Economic Stabilization Act of 2008 to purchase troubled assets or any preferred or other stock or equity in any financial institution.

Workforce Fairness and Tax Relief Act of 2008

United States · United States Congress · 9 December 2008

Workforce Fairness and Tax Relief Act of 2008 - Amends the Internal Revenue Code to: (1) repeal the inclusion of unemployment compensation in gross income; (2) allow tax-free distributions from retirement plans for unemployed individuals; (3) allow an exclusion from gross income for employee severance payments; and (4) increase the tax credit for the health insurance costs of individuals receiving trade adjustment assistance and certain pension payments.

Retiree Relief Act of 2008

United States · United States Congress · 9 December 2008

Retiree Relief Act of 2008 - Amends the Internal Revenue Code to suspend in 2008 and 2009 requirements for minimum distributions from tax-deferred retirement plans. Permits taxpayers who have already received a distribution between January 1, 2008, and the enactment of this Act to recontribute such distribution to their retirement plans by December 31, 2009.

Unemployment Benefit Tax Suspension Act of 2008

United States · United States Congress · 8 December 2008

Unemployment Benefit Tax Suspension Act of 2008 - Amends the Internal Revenue Code to suspend, for taxable years beginning after December 31, 2007, and before January 1, 2010, the taxation of unemployment compensation.

Retirement Account Distribution Improvement Act of 2008

United States · United States Congress · 8 December 2008

Retirement Account Distribution Improvement Act of 2008 - Amends the Internal Revenue Code to suspend in 2008, 2009, and 2010 requirements for minimum distributions from tax-deferred retirement plans. Permits taxpayers who have already received a minimum distribution in 2008 to recontribute such distribution to their retirement plans by July 1, 2009.

A bill to amend the Internal Revenue Code of 1986 to suspend the minimum required pension distribution rules for 2008 and 2009.

United States · United States Congress · 8 December 2008

Amends the Internal Revenue Code to suspend in 2008 and 2009 requirements for minimum distributions from tax-deferred retirement plans. Permits taxpayers who have already received a minimum distribution to recontribute such distribution to their retirement plans.

Dental Health Promotion Act of 2008

United States · United States Congress · 20 November 2008

Dental Health Promotion Act of 2008 - Amends the Internal Revenue Code to allow reimbursement from flexible spending accounts for products used to diagnose, cure, mitigate, treat, or prevent the onset of tooth decay (caries), periodontal diseases, and conditions ailing the teeth, gums, and mouth, or affecting their functioning.

A bill to provide for certain land to be held in trust for the Burns Paiute Tribe.

United States · United States Congress · 20 November 2008

Directs the Secretary of the Interior to take into trust for the benefit of the Burns Paiute Tribe of the Burns Paiute Indian Colony of Oregon specified real property located in Malheur County, Oregon, if, at the time of conveyance or transfer to the Secretary, no adverse legal claim (including an outstanding lien, mortgage, or tax) exists with respect to the property. Requires such land to be considered to be: (1) part of the Burns Paiute Reservation; (2) Indian lands as defined in the Indian Gaming Regulatory Act; and (3) eligible for class I, class II, and class III gaming in accordance with that Act

A bill to amend the Internal Revenue Code of 1986 to allow taxpayers to designate a portion of their income tax payment to provide assistance to homeless veterans, and for other purposes.

United States · United States Congress · 20 November 2008

Amends the Internal Revenue Code to establish in the Treasury the Homeless Veterans Assistance Fund and to allow individual taxpayers to designate on their tax returns $3.00 of income taxes ($6.00 in the case of joint returns) to be paid over to such Fund to provide assistance to homeless veterans.

To amend the Internal Revenue Code of 1986 to make permanent the deduction for expensing certain depreciable business assets and to allow a deduction for the original purchase of domestically manufactured automobiles.

United States · United States Congress · 20 November 2008

Amends the Internal Revenue Code to: (1) increase and make permanent the expensing allowance for depreciable business assets; and (2) allow a tax deduction, up to $10,000, for the purchase of a motor vehicle manufactured in the United States. Terminates such tax deduction after 2010.

CAR Act

United States · United States Congress · 20 November 2008

Consumer and Automotive Recovery Act of 2008 or the CAR Act - Amends the Internal Revenue Code to allow individual taxpayers a one-time tax credit for the purchase of a U.S. manufactured motor vehicle with a gross weight rating of not more than 14,000 pounds. Limits the amount of such credit to $1,500.

To provide for the proper application under the Internal Revenue Code of 1986 of the limitations on built-in losses following an ownership change of a bank.

United States · United States Congress · 20 November 2008

Limits the applicability of Treasury Notice 2008-83 (suspending restrictions on the offset of net operating losses and unrealized built-in losses against the taxable income of certain corporate entities that acquire or merge with other entities) to a period beginning on September 30, 2008, and ending on the earlier of the date of the first committee action on this Act or the date on which the Chairman of the House Committee on Ways and Means and the Chairman of the Senate Committee on Finance issue a joint statement indicating their intent to to terminate the application of such notice. Directs the Inspector General of the Department of the Treasury to conduct an investigation into the issuance of Treasury Notice 2008-83 and report to Congress on such investigation.

Elimination of the Single Parent Tax Act of 2008

United States · United States Congress · 19 November 2008

Elimination of Single Parent Tax Act of 2008 - Amends part D (Child Support and Establishment of Paternity) of title IV of the Social Security Act to prohibit states from charging child support recipients for the collection of child support.

10 Steps for a Main Street Economic Recovery Act of 2008

United States · United States Congress · 19 November 2008

10 Steps for a Main Street Economic Recovery Act of 2008 - Amends the Small Business Act concerning 7(a) loans (general small business loans) made by the Small Business Administration (SBA) to: (1) increase certain loan amounts; (2) direct the SBA Administrator to establish an optional business size standard for 7(a) loan applicants and for development company loan applicants under title V of the Small Business Investment Act of 1958; and (3) revise provisions concerning the pooling of SBA loans for sale on the secondary market. Establishes a community express program under which the Administrator may guarantee the payment of principal and interest on loans of up to $150,000 made to small businesses owned and controlled by women, Indian tribes, socially and economically disadvantaged individuals, veterans and reserve members, small businesses located in low- or moderate-income areas or in a special market initiative, and HUBZone (heavily underutilized business zone) small businesses. Directs the Administrator to: (1) carry out a rural lender and new lender outreach program and guarantee small business loans of up to $500,000 made by such lenders; and (2) establish an online underwriting program guide to develop the lending capacity of such lenders. Revises provisions concerning the 504 program (SBA financings to small businesses through certified development companies [CDCs]) to: (1) increase maximum loan amounts; (2) include as a program goal the expansion of businesses in low-income communities; (3) allow CDC financings to include a limited amount of other-debt refinancing; and (4) allow the Administrator to guarantee repayment of a limited amount of third party financing obtained by loan pool assemblers, and to issue trust certificates representing all or a part of such guaranteed amount. Direct the Administrator, during FY2009-FY2010, to collect no lending fees, and reduce other fees, in connection with certain 7(a) and 504 loan programs. Authorizes appropriations for FY2009-FY2010 for the Microloan program (SBA start-up, acquisition, and expansion loans to very small businesses). Increases maximum leverage amounts available to small business investment companies. Directs the Administrator to develop an emergency small business lending advertising strategy to inform small businesses of the availability of loans through lenders participating in SBA programs. Amends the Internal Revenue Code to revise or add small business tax provisions, including providing for: (1) an extension of a temporary increase in limitations on expensing certain depreciable business assets; (2) a five-year carryback of certain net operating losses; and (3) the temporary suspension of the 90% limit on certain net operating loss carrybacks and carryovers. Amends the Emergency Economic Stabilization Act of 2008 to include certain trust certificates issued by the Administrator under the 7(a) and 504 loan programs as "troubled assets" (thereby qualifying them under such Act's troubled assets relief program).

A bill to rescind Treasury Notice 2008-83.

United States · United States Congress · 19 November 2008

Renders Treasury Notice 2008-83 (suspending restrictions on the offset of net operating losses and unrealized built-in losses against the taxable income of certain corporate entities that acquire or merge with other entities) null and void and of no effect.

High-Speed Rail for America Act of 2008

United States · United States Congress · 19 November 2008

High-Speed Rail for America Act of 2008 - Establishes within the Federal Railroad Administration the Office of High-Speed Passenger Rail (HSPR Office) , headed by the Associate Administrator for High-Speed Rail. Requires the HSPR Office to: (1) assume responsibility for all high-speed rail activities currently carried out by the Office of Railroad Development; and (2) consult with the Secretary of Transportation to assist eligible entities to finance certain qualified high-speed intercity rail facility projects through the issuance of private activity bonds. Amends the Internal Revenue Code to revise requirements for income tax-exempt qualified high-speed intercity rail facility bonds. Allows an income tax credit to holders of certain rail bonds that finance qualified super high-speed intercity rail facility projects and qualified rail infrastructure projects. Directs the Secretary of the Treasury to study and report to Congress on the use of excise taxes to fund high-speed rail projects.

Retirement Fairness and Emergency Relief Act of 2008

United States · United States Congress · 19 November 2008

Retirement Fairness and Emergency Relief Act of 2008 - Suspends for calendar 2008 and 2009 the beginning date for required distributions from certain individual retirement (IRA) plans. Waives the 10% additional tax (penalty) under the Internal Revenue Code for early distributions from qualified retirement plans in the case of a qualified financial hardship distribution to an individual during calendar 2008-2009 of up to $15,000 per taxable year, as determined by the Secretary of the Treasury (including a qualified foreclosure distribution).

Financial Security in Retirement Act of 2008

United States · United States Congress · 19 November 2008

Financial Security in Retirement Act of 2008 - Suspends, for calendar 2008 and 2009, minimum distribution requirements for up to $300,000 of an individual's interest in all eligible defined contribution plans as of December 31, 2008.

To amend the Internal Revenue Code of 1986 to increase the age at which distributions from qualified retirement plans are required to begin from 70 1/2 to 75, and for other purposes.

United States · United States Congress · 19 November 2008

Amends the Internal Revenue Code to increase from 70 1/2 to 75 the age at which beneficiaries of tax-exempt pension, profit-sharing, and stock bonus plans must begin taking distributions from such plans and including such distributions in gross income for income tax purposes.

To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest on indebtedness and for State and local sales and excise taxes with respect to the purchase of certain motor vehicles.

United States · United States Congress · 19 November 2008

Amends the Internal Revenue Code to allow individual taxpayers a deduction from gross income for: (1) interest paid on indebtedness (up to $49,500) incurred after November 12, 2008, and before January 1, 2010, for the purchase of a motor vehicle (i.e., passenger automobile or light truck) with a gross vehicle weight rating of not more than 8,500 pounds; and (2) state and local sales and excise taxes imposed on the purchase of such a motor vehicle.

To amend title 10, United States Code, to expand the authorized concurrent receipt of disability severance pay from the Department of Defense and compensation for the same disability under any law administered by the Department of Veterans Affairs to cover all veterans who have a combat-related disability, as defined under section 1413a of such title.

United States · United States Congress · 19 November 2008

Extends the authorized concurrent receipt of disability severance pay from the Department of Defense (DOD) and compensation for the same disability under any law administered by the Department of Veterans Affairs (VA) to include all veterans with a combat-related disability. (Under current law, such concurrent receipt is limited to those veterans who incur a disability in the line of duty in a combat zone or during the performance of duty in combat-related operations.) Makes such amendment effective as of January 28, 2008 (the date of enactment of the National Defense Authorization Act for Fiscal Year 2008).

To amend the Internal Revenue Code of 1986 to exclude from gross income compensation received by employees consisting of qualified distributions of employer stock.

United States · United States Congress · 19 November 2008

Amends the Internal Revenue Code to exclude from the gross income of an employee: (1) shares of stock received from an employer in a qualified employee stock distribution not exceeding the lowest number of shares received by any employee in such distribution; (2) any gain on such stock if held by such employee for not less than 10 years, and (3) in the case of any qualified disposition of stock that meets such holding requirement, any gain on so much stock acquired during the 60-day period beginning on the date of such disposition as does not exceed the fair market value of the stock so disposed. .

To amend the Internal Revenue Code of 1986 to expand the credit for renewable electricity production to include electricity produced from biomass for on-site use.

United States · United States Congress · 19 November 2008

Amends the Internal Revenue Code to modify the tax credit for producing electricity from closed or open-loop biomass facilities equipped with a metering device to determine electricity consumption or sale to allow a tax credit after 2008 for electricity produced and consumed at such facilities and to extend the credit period for such production.

Elimination of Single Parent Tax Act of 2008

United States · United States Congress · 19 November 2008

Elimination of Single Parent Tax Act of 2008 - Amends part D (Child Support and Establishment of Paternity) of title IV of the Social Security Act to prohibit states from charging child support recipients for the collection of child support.

A bill to amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest in indebtedness and for State sales and excise taxes with respect to the purchase of certain motor vehicles.

United States · United States Congress · 17 November 2008

Amends the Internal Revenue Code to allow individual taxpayers a deduction from gross income for: (1) interest paid on indebtedness (up to $49,500) incurred after November 12, 2008, and before January 1, 2010, for the purchase of a motor vehicle (i.e., passenger automobile or light truck) with a gross vehicle weight rating of not more than 8,500 pounds; and (2) state and local sales and excise taxes imposed on the purchase of such a motor vehicle.

Economic Recovery Act of 2008

United States · United States Congress · 17 November 2008

Economic Recovery Act of 2008 - Makes supplemental appropriations for FY2009 for infrastructure, energy, and economic recovery for: (1) the Department of Agriculture; (2) the Department of Commerce; (3) the Department of Justice (DOJ); (4) the National Aeronautics and Space Administration (NASA); (5) the Legal Services Corporation; (6) the Department of Defense (DOD) - Civil for the Department of the Army Corps of Engineer; (7) the Department of Energy (DOE); (8) the Department of the Treasury, including the Office of Inspector General; (9) the Commodity Futures Trading Commission (CFTC); (10) the General Services Administration (GSA); (11) the Small Business Administration (SBA); (12) the Department of Homeland Security (DHS); (13) the Department of the Interior; (14) the Smithsonian Institution; (15) the Department of Labor (DOL), Employment and Training Administration; (16) the Department of Health and Human Services (HHS); (17) the Department of Education; (18) DOD military construction, Navy and Marine Corps, and DOD family housing construction, Army and Air Force; (19) the Department of Transportation (DOT); and (20) the Department of Housing and Urban Development (HUD). Makes appropriations for FY2009 to the Secretary of Agriculture to provide a temporary increase in benefits under the Supplemental Nutrition Assistance Program. Farm Relief Act of 2008 - Amends the U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq Accountability Appropriations Act, 2007 to make appropriations to the Secretary of Agriculture for emergency financial assistance to producers on a farm that incurred qualifying quantity or quality losses for the 2008 crop due a natural disaster or any related condition, particularly sugar and sugarcane crops in Florida and Louisiana. Prescribes: (1) a temporary increase in the federal medical assistance percentage (FMAP) title XIX (Medicaid) of the Social Security Act; and (2) a temporary reinstatement of authority to provide federal matching payments for state spending for child support incentive payments. Amends the Supplemental Appropriations Act, 2008 to increase and extend emergency unemployment compensation (EUC). Exempts weeks of unemployment between enactment of this Act and December 8, 2009, from the prohibition in the Federal-State Extended Unemployment Compensation Act of 1970 against federal matching payments to a state for the first week in an individual's eligibility period for which extended compensation or sharable regular compensation is paid if the state law of such state provides for payment (at any time or under any circumstances) of regular compensation to an individual for his or her first week of otherwise compensable unemployment. (Thus allows temporary federal matching for the first week of extended benefits for states with no waiting period.) National Park Centennial Fund Act - Establishes in the Treasury the National Park Centennial Fund. Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to make emergency direct loans of up to $25 billion in the aggregate to certain automobile manufacturers and component suppliers. Requires the Secretary, in allocating loan amounts, to prioritize applications based on the magnitude of the impact of the applicant's manufacturing operations in the United States on the overall U.S. economy and other segments of the automobile industry, including the impact on levels of employment, domestic manufacturing of automobiles and automobile components, and automobile dealerships. Authorizes the automobile manufacturer or component supplier, at the Secretary's discretion, to issue to the Secretary preferred stock in lieu of receiving a loan, on analogous terms and conditions as those described for such EESA loans. Requires any applicant automobile manufacturer or component supplier to submit to the Secretary a detailed plan on how the government funds requested will: (1) be utilized to ensure the long-term financial posture of the company; and (2) stimulate U.S. automobile production and improve the company's capacity to pursue the timely and aggressive production of energy-efficient advanced technology vehicles. Declares that the costs incurred by the federal government in making such loans, including credit subsidy costs and administrative expenses, shall be covered out of proceeds from the sale of government bonds and the third tranche of the $700 billion made available under EESA. Specifies timing of loan disbursements, and terms and conditions. Directs the Secretary to require any loan recipient to meet specified standards for executive compensation and corporate governance. Applies certain EESA oversight requirements to any loans made under this Act. Amends the Internal Revenue Code to allow a taxpayer, other than a corporation, an above-the-line deduction for interest, state sales tax, or excise tax paid or accrued during the taxable year on any indebtedness incurred after November 12, 2008, and before January 1, 2010, in acquiring any qualified motor vehicle which is secured by such vehicle. Designates each amount in this Act as an emergency requirement, necessary to meet certain emergency needs in accordance with the FY2008-FY2009 congressional budget resolutions.

Economic Growth and Financial Stabilization Act of 2008

United States · United States Congress · 3 October 2008

Economic Growth and Financial Stabilization Act - Amends the Internal Revenue Code to prescribe a 0% capital gains rate for individuals. Revises the formula for: (1) the alternative tax for corporations to prescribe a 0% capital gains rate; and (2) the ordinary income tax for corporations by eliminating the two tax rate brackets above 25% and reducing the maximum amount of tax imposed. Establishes in the Department of the Treasury a Distressed Assets Loan Fund under the control of the Secretary of the Treasury to make loans available at low rates of interest to depository institutions with distressed assets. Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to increase from $100,000 to $250,000 the maximum amount of deposit insurance and share insurance, respectively. Treats gain or loss from the sale or exchange of any applicable preferred stock by any applicable financial institution as ordinary income or loss.

To amend the Internal Revenue Code of 1986 to exclude from gross income gain from the sale of troubled assets.

United States · United States Congress · 3 October 2008

Amends the Internal Revenue Code to exclude from gross income gain from the sale or exchange of a qualified mortgage or mortgage-related security held for more than one year. Defines "qualified mortgage or mortgage-related security" as any residential or commercial mortgage (or any security, obligation, or other instrument that is based on or related to such a mortgage) that was originated or issued on or before March 14, 2008, and was acquired by the taxpayer after the enactment of this Act and before January 1, 2009.

Reliable Economic Stabilization, Capital Utilization, and Enterprise Reform Act of 2008

United States · United States Congress · 3 October 2008

Reliable Economic Stabilization, Capital Utilization, and Enterprise Reform Act of 2008 - Amends the Internal Revenue Code to: (1) exclude from gross income gain from the sale of certain residential or commercial mortgages and related securities issued on or before March 14, 2008, and acquired before January 1, 2010; (2) extend the carryback period for net operating losses to five years; (3) provide an increased dividends received tax deduction for corporations with overseas operations that make investments in the United States; and (4) treat gain or loss from the sale of certain preferred stock in the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) as ordinary income or loss. Repeals the Community Reinvestment Act. Requires the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) to establish a net worth certificate program to provide capital to assist insured banks in resolving solvency problems. Government-Sponsored Enterprises Free Market Reform Act of 2008- Requires the Director of the Federal Housing Finance Agency (FHFA) to: (1) terminate the conservatorship of Fannie Mae and the Freddie Mac, jointly defined as the enterprise, if the Director determines that the enterprise is financially viable; or (2) immediately appoint FHFA as receiver of the enterprise if it is found not financially viable. Limits the amount of mortgage assets the enterprise may own after the termination of its conservatorship. Requires the Director to establish mandatory minimum capital levels for the enterprise. Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to repeal provisions governing enterprise authority to purchase and sell certain insured and conventional mortgages and to engage in certain lending activities. Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to repeal the new housing price index. Amends the Housing and Economic Recovery Act of 2008 to repeal certain conforming loan limits. Imposes requirements for the renewal of the enterprise's charter if it becomes financially sound and for winding down its operations and dissolving the enterprise otherwise.

Security Clearance Oversight and Accountability Act

United States · United States Congress · 3 October 2008

Security Clearance Oversight and Accountability Act - Amends the National Security Act of 1947 to direct the President: (1) every four years, to conduct an audit of how the executive branch determines whether a security clearance is required for a particular position in the federal government, and report audit results to Congress; (2) every year, to report to Congress on the security clearance process with respect to government employees, government contractors, and intelligence community personnel; and (3) to submit a one-time report to Congress on security clearance investigations and adjudications. Requires the Director of the Office of Management and Budget (OMB) to report annually to Congress on security clearance determinations completed or ongoing during the preceding fiscal year that have taken longer than one year to complete.

To prohibit government-sponsored enterprises from making lobbying expenditures, political contributions, or other certain contributions.

United States · United States Congress · 3 October 2008

Prohibits the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) and their affiliates from making: (1) lobbying expenditures; (2) political contributions; or (3) contributions to any nonprofit tax-exempt organization. Declares that violating this Act shall constitute violation of federal law limiting the use of appropriated funds to influence certain federal contracting and financial transactions (thus, imposing the same penalties).

Mortgage Credit Repair Act of 2008

United States · United States Congress · 3 October 2008

Mortgage Credit Repair Act of 2008 - Amends the Fair Credit Reporting Act to define "front end ratio" as a ratio that indicates what portion of an individual's income is used to make mortgage payments, calculated by dividing an individual's gross monthly income by their housing expenses, particularly the mortgage principal, interest, taxes, and insurance (PITI). Prohibits a consumer reporting agency from making a consumer report containing cases under title 11 or under the Bankruptcy Act that antedate the report by more than three years when certain criteria are met. Includes among such criteria that a consumer's front-end debt ratio on a mortgage instrument originated or refinanced on or after January 1, 2003, was 37% or higher for at least six months before and continuing through the time that the bankruptcy is filed. Prohibits a consumer reporting agency from making a consumer report containing any adverse information excluding bankruptcy, but including closed accounts, amounts in collections, accounts charged to profit or loss, repossessions, and foreclosures, if certain circumstances have occurred.