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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (5)

Short Titles

Short Titles as Enacted

Economic Stimulus Act of 2008

Short Titles - House of Representatives

Short Titles as Passed House

Recovery Rebates and Economic Stimulus for the American People Act of 2008

Short Titles as Introduced

Recovery Rebates and Economic Stimulus for the American People Act of 2008

Short Titles - Senate

Short Titles as Passed Senate

Economic Stimulus Act of 2008

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.


Actions Overview (7)

Date Actions Overview
02/13/2008Became Public Law No: 110-185. (TXT | PDF)
02/13/2008Signed by President.
02/08/2008Presented to President.
02/07/2008Resolving 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)
02/07/2008Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 81 - 16. Record Vote Number: 10.
01/29/2008Passed/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)
01/28/2008Introduced in House

All Actions (60)

Date Chamber All Actions
02/13/2008Became Public Law No: 110-185. (TXT | PDF)
02/13/2008Signed by President.
02/08/2008HousePresented to President.
02/07/2008-7:43pmHouseMotion to reconsider laid on the table Agreed to without objection.
02/07/2008-7:43pmHouseOn 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)
02/07/2008-7:19pmHouseThe previous question was ordered pursuant to a previous special order. (consideration: CR H792)
02/07/2008SenateMessage on Senate action sent to the House.
02/07/2008-6:30pmHouseDEBATE - 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.
02/07/2008-6:30pmHouseMr. Rangel moved that the House agree to the Senate amendment. (consideration: CR H784-793)
02/07/2008-6:30pmHouseConsidered pursuant to a previous special order of the House.
02/07/2008-6:30pmHouseORDER 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.
02/07/2008SenateS.Amdt.4010 Amendment SA 4010, previously agreed to, was modified by Unanimous Consent.
02/07/2008SenateS.Amdt.3983 Motion by Senator Reid to reconsider the vote by which cloture on amendment SA 3983 was not invoked (Record Vote Number 8) rendered moot in Senate.
02/07/2008SenatePassed Senate with an amendment by Yea-Nay Vote. 81 - 16. Record Vote Number: 10.
02/07/2008SenateS.Amdt.4010 Amendment SA 4010 agreed to in Senate by Yea-Nay Vote. 91 - 6. Record Vote Number: 9.
02/07/2008SenateS.Amdt.4010 Amendment SA 4010 proposed by Senator Reid. (consideration: CR S762, S772-773; text as modified: CR S773) To revise the eligibility criteria for the 2008 recovery rebates for individuals.
02/07/2008SenateS.Amdt.3983 Proposed amendment SA 3983 withdrawn in Senate. (consideration: CR S762)
02/07/2008SenateS.Amdt.3984 Proposed amendment SA 3984 withdrawn in Senate. (consideration: CR S762)
02/07/2008SenateS.Amdt.3987 SA 3987 fell when SA 3986 fell.
02/07/2008SenateS.Amdt.3986 SA 3986 fell when SA 3985 withdrawn.
02/07/2008SenateS.Amdt.3985 Proposed amendment SA 3985 withdrawn in Senate. (consideration: CR S762)
02/07/2008SenateMotion 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)
02/07/2008SenateS.Amdt.3983 Considered by Senate. (consideration: CR S762)
02/07/2008SenateS.Amdt.3986 Considered by Senate. (consideration: CR S762)
02/07/2008SenateS.Amdt.3984 Considered by Senate. (consideration: CR S762)
02/07/2008SenateS.Amdt.3987 Considered by Senate. (consideration: CR S762)
02/07/2008SenateConsidered by Senate. (consideration: CR S762-773)
02/07/2008SenateS.Amdt.3985 Considered by Senate. (consideration: CR S762)
02/06/2008SenateS.Amdt.3983 Motion by Senator Reid to reconsider the vote by which cloture on amendment SA 3983 was not invoked (Record Vote Number 8) entered in Senate.
02/06/2008SenateS.Amdt.3983 Cloture on amendment SA 3983 not invoked in Senate by Yea-Nay Vote. 58 - 41. Record Vote Number: 8. (consideration: CR S725; text: CR S725)
02/06/2008SenateS.Amdt.3983 Considered by Senate. (consideration: CR S715)
02/06/2008SenateS.Amdt.3986 Considered by Senate. (consideration: CR S715)
02/06/2008SenateS.Amdt.3984 Considered by Senate. (consideration: CR S715)
02/06/2008SenateS.Amdt.3987 Considered by Senate. (consideration: CR S715)
02/06/2008SenateConsidered by Senate. (consideration: CR S715-725)
02/06/2008SenateS.Amdt.3985 Considered by Senate. (consideration: CR S715)
02/05/2008SenateS.Amdt.3987 Amendment SA 3987 proposed by Senator Reid to Amendment SA 3986. (consideration: CR S656; text: CR S656) To change the enactment date.
02/05/2008SenateS.Amdt.3986 Amendment SA 3986 proposed by Senator Reid to Amendment SA 3985. (consideration: CR S656; text: CR S656) To change the enactment date.
02/05/2008SenateS.Amdt.3985 Amendment SA 3985 proposed by Senator Reid. (consideration: CR S656; text: CR S656) To establish the enactment date.
02/05/2008SenateMotion 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)
02/05/2008SenateS.Amdt.3984 Amendment SA 3984 proposed by Senator Reid to Amendment SA 3983. (consideration: CR S656; text: CR S656) To change the enactment date.
02/05/2008SenateS.Amdt.3983 Cloture motion on amendment SA 3983 presented in Senate. (consideration: CR S656; text: CR S656)
02/05/2008SenateS.Amdt.3983 Amendment SA 3983 proposed by Senator Reid. (consideration: CR S656) Of a perfecting nature.
02/05/2008SenateMeasure laid before Senate by motion. (consideration: CR S656)
02/05/2008SenateMotion to proceed to measure considered in Senate. (consideration: CR S626-627, S627-636, S637-638, S655)
02/04/2008SenateCloture 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)
01/31/2008SenateMotion to proceed to consideration of measure withdrawn in Senate. (consideration: CR S530)
01/31/2008SenateCloture motion on the motion to proceed to the measure presented in Senate. (consideration: CR S530; text: CR S530)
01/31/2008SenateMotion to proceed to consideration of measure made in Senate. (consideration: CR S530)
01/30/2008SenateRead the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 566.
01/29/2008SenateReceived in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
01/29/2008-3:10pmHouseMotion to reconsider laid on the table Agreed to without objection.
01/29/2008-3:10pmHouseOn 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)
01/29/2008-12:23pmHouseDEBATE - The House proceeded with debate on H.R. 5140.
01/29/2008-12:21pmHouseConsidered under suspension of the rules. (consideration: CR H485-509)
01/29/2008-12:21pmHouseMr. Rangel moved to suspend the rules and pass the bill.
01/28/2008HouseReferred to House Financial Services
01/28/2008HouseReferred to House Ways and Means
01/28/2008HouseReferred 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.
01/28/2008HouseIntroduced in House

Cosponsors (15)


Committees (2)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
House Ways and Means01/28/2008 Referred to
House Financial Services01/28/2008 Referred to

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Latest Summary (4)

There are 4 summaries for H.R.5140. View summaries

Shown Here:
Public Law No: 110-185 (02/13/2008)

(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 - Title 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.