In september 2007, libor rates began rising above the fed funds rate. The act provides several kinds of stimulus intended to boost the us economy in 2008 and to avoid or lessen an economic recession. The economic stimulus act of 2008 was signed into law on february, 2008. Economic stimulus act 3 this report highlights the depreciation changes in the economic stimulus act of 2008 that affect taxpayers.
The most significant part of the act is the individual stimulus payment, which is a credit for tax year ty 2008. The economic stimulus act of 2008 had three main parts. The economic stimulus act of 2008 will provide million u. China unveils sweeping plan for economy the new york times. Are they the same th8ings as the things we file every year, if no then how do i file for economic stimulus act of 2008.
Economic stimulus package of 2008 congress has passed the economic stimulus package of 2008 that introduces a rebate for individuals and equipment investment incentives. The recovery rebates and economic stimulus for the american people act of 2008 and jumbo mortgages pdf version also available for download. This economic letter summarizes the presentations at a symposium held at the federal reserve bank of san francisco on may 9, 2008, sponsored by the banks center for the study of innovation and productivity csip. As implied by their name, the goal of the payments was to stimulate household. House of representatives on january 29, 2008, and in a slightly different.
However, the payments are being estimated using information reported. Resolved, that the bill from the house of representatives h. Protesters at vilsack announcement in ames 021 5954727792. Title irecovery rebates and incentives for business investment sec. Tax credits for individuals people who filed tax returns for either 2007 or 2008 could qualify for recovery rebates. The act provides tax rebates for low and middleincome us taxpayers, and. The act is intended to stimulate consumer spending in 2008, and features taxpayer rebate checks for more than million individuals, as well as increased small business expense and depreciation limits, and increased loan limits for fannie mae, freddie mac. The recovery rebates and economic stimulus for the. The house and senate on february 7, 2008 passed the economic stimulus act of 2008. The economic stimulus act esa of 2008, enacted in february 2008, consisted primarily of a 100 billion dollar program that sent economic stimulus payments esps to million americans.
Recovery rebates and incentives for business investment sec. Im pleased to be joined by leaders of both parties to enact an economic. While the rebate depends on your 2007 status and income, it is actually a rebate toward your 2008 taxes. In short, with the economic stimulus act of 2008, policymakers tried to increase disposable income temporarily through tax rebates in the hopes that households would increase or maintain their spending levels and so end or at least mitigate the severity of a u. The act was signed by president bush on february, 2008. Abstract full text pdf references tables figures at a glance. Economic stimulus act of 2008 congressional budget office. Economic stimulus act of 2008 oklahoma public employees. September 2008, congress passed and president obama signed a much. This filing requirement applies to some people who do not normally file, including many lowincome households and recipients of social security, certain.
In the senate of the united states, february 7 legislative day, february 6, 2008. The bills provisions are shortterm changes that will expire generally by the end of 2008. Economic stimulus act of 2008 how is economic stimulus. The bipartisan stimulus package enacted in february 2008 was, like most stimulus packages, a straightforward application of keynesian. Consumer spending and the economic stimulus payments of. The economic stimulus act also increased the total amount of qualifying property. Presentations are listed at the end, and three of the four are available online on february, 2008, president bush signed into law the economic stimulus act of 2008. With economists and economic indicators forecasting a recession for 2008, and in the midst of the subprime lending crisis, the economic stimulus act of 2008, p. Economic stimulus act of 2008, also known as an act to provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and fha loan limitspublic law 110185, h.
Economic stimulus act of 2008 wex us law lii legal. Definition of economic stimulus act of 2008 in the financial dictionary by free online english dictionary and encyclopedia. Economic stimulus act of 2008 the economic stimulus act of 2008 had three main parts. This document,1 prepared by the staff of the joint committee on taxation, provides a description of the economic stimulus act of 2008. The impact of the 2008 tax rebates on consumer spending. Exceptions and special provisions are not covered, so you should consult your accounting and tax professionals for advice specific to your situation.
Economic stimulus act of 2008 financial definition of. The economic stimulus act of 2008 and the american. The act has been highly publicized and its intended effect is to help stave off concerns of a recession by. Business provisions of the economic stimulus act of 2008. For an extensive discussion of legislative action relating to economic stimulus issues, see crs report r40104, economic stimulus. Economic stimulus act esa of 2008, enacted in february 2008, consisted pri marily of a 100 billion dollar program that sent tax rebates, called economic stimu lus payments esps, to approximately million us tax filers. Aassessing the macro ssessing the macro eeconomic impact. Estimated budget effects of the economic stimulus act of 2008, as passed by the house of representatives and the senate on february 7, 2008 submitted on. The 2006 housing market slowdown had affected the economy.
Consumer spending and the economic stimulus payments of 2008. Administration turned to fiscal policy to help stabilize the u. February 2008 business tax provisions of the economic stimulus act of 2008 on february, 2008, the president signed h. The economic stimulus act of 2008 and the american economic recovery and reinvestment act of 2009 where the latest big experiments the u.
Economic stimulus act of 2008 publication economic stimulus act of 2008 february, 2008 on february, 2008, president bush signed into law the economic stimulus act of 2008 the act. It is informational only and not meant as accounting or tax advice. Meaning of economic stimulus act of 2008 as a finance term. Cost estimate for the bill as ordered reported by the senate committee on finance on january 30, 2008. Joint committee on taxation, description of the economic stimulus act of 2008 jcx808, january 28, 2008. Bipartisan growth package will help protect our nations economic health. Distribution of funds across congressional districts by distinguishing between. China passing their own economic stimulus acts this year yes, i realize economic stimulus act. Rebates for individuals act section 101 general rules for rebates. The economic stimulus act of 2008,1 signed on february, 2008, was passed to energize the national economy. The economic stimulus payments of 2008 and the aggregate. Business tax provisions of the economic stimulus act of 2008. The unemployment rate, which rose slightly in the last half of 2007, declined in january and. A federal law that attempted to avoid or mitigate an economic recession.
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