United States · Law · HR
H.R. 5140 (110th)
Economic Stimulus Act of 2008
Introduced
28 January 2008
Last action
—
Status
Became Public Law No: 110-185.
Sponsors
—
Subjects
Discovery layer
Source updated
7 April 2025
Summary
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.
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Timeline
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Votes
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Versions
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Documents
16 official files
Enrolled Bill (text)
Enrolled Bill (text)
Enrolled Bill · EN
Enrolled Bill (PDF)
Enrolled Bill · EN
Public Law (text)
Public Law · EN · 13 February 2008
Public Law (PDF)
Public Law · EN · 13 February 2008
Public Law
summary · EN · 13 February 2008
Engrossed Amendment Senate (text)
Engrossed Amendment Senate · EN · 8 February 2008
Engrossed Amendment Senate (PDF)
Engrossed Amendment Senate · EN · 8 February 2008
Passed Senate amended
summary · EN · 7 February 2008
Placed on Calendar Senate (text)
Placed on Calendar Senate · EN · 30 January 2008
Placed on Calendar Senate (PDF)
Placed on Calendar Senate · EN · 30 January 2008
Engrossed in House (text)
Engrossed in House · EN · 29 January 2008
Engrossed in House (PDF)
Engrossed in House · EN · 29 January 2008
Passed House without amendment
summary · EN · 29 January 2008
Introduced in House (text)
Introduced in House · EN · 28 January 2008
Introduced in House (PDF)
Introduced in House · EN · 28 January 2008
Introduced in House
summary · EN · 28 January 2008
Sponsors
No sponsors or actors listed by the source.
Related records
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Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/110th-congress/house-bill/5140
- Open data entity: https://api.congress.gov/v3/bill/110/hr/5140