In the senate of the united states, february 7 legislative day, february 6, 2008. 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. 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 the economic stimulus act of 2008 had three main parts. Im pleased to be joined by leaders of both parties to enact an economic. Economic stimulus act of 2008 wex us law lii legal. Consumer spending and the economic stimulus payments of.
Recovery rebates and incentives for business investment sec. The bills provisions are shortterm changes that will expire generally by the end of 2008. Business provisions of the economic stimulus act of 2008. February 2008 business tax provisions of the economic stimulus act of 2008 on february, 2008, the president signed h. Aassessing the macro ssessing the macro eeconomic impact. 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.
However, the payments are being estimated using information reported. The economic stimulus act of 2008 and the american. Bipartisan growth package will help protect our nations economic health. Economic stimulus act of 2008 how is economic stimulus. Economic stimulus act of 2008 congressional budget office.
In september 2007, libor rates began rising above the fed funds rate. Definition of economic stimulus act of 2008 in the financial dictionary by free online english dictionary and encyclopedia. This document,1 prepared by the staff of the joint committee on taxation, provides a description of the economic stimulus act of 2008. While the rebate depends on your 2007 status and income, it is actually a rebate toward your 2008 taxes.
The most significant part of the act is the individual stimulus payment, which is a credit for tax year ty 2008. Resolved, that the bill from the house of representatives h. The bipartisan stimulus package enacted in february 2008 was, like most stimulus packages, a straightforward application of keynesian. Protesters at vilsack announcement in ames 021 5954727792. Shanghai china announced a huge economic stimulus plan on sunday aimed at bolstering its weakening economy, a sweeping move. The unemployment rate, which rose slightly in the last half of 2007, declined in january and. The impact of the 2008 tax rebates on consumer spending. 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. I assemble a comprehensive dataset of the fiscal policy response, which includes the economic stimulus act of 2008 esa, the bush tax rebates, the tarp and the arra of 2009 the obama stimulus.
Economic stimulus act of 2008 financial definition of. It is informational only and not meant as accounting or tax advice. As implied by their name, the goal of the payments was to stimulate household. The act has been highly publicized and its intended effect is to help stave off concerns of a recession by. Administration turned to fiscal policy to help stabilize the u. 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 act was signed by president bush on february, 2008. The 2006 housing market slowdown had affected the economy. A federal law that attempted to avoid or mitigate an economic recession. Move page to economic stimulus act of 2008 united states would anyone object to moving this page to economic stimulus act of 2008 united states in light of other countries e. China unveils sweeping plan for economy the new york times. The economic stimulus payments of 2008 and the aggregate.
Economic stimulus act of 2008 wikisource, the free. What does economic stimulus act of 2008 mean in finance. Economic stimulus act 3 this report highlights the depreciation changes in the economic stimulus act of 2008 that affect taxpayers. 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. Distribution of funds across congressional districts by distinguishing between. This filing requirement applies to some people who do not normally file, including many lowincome households and recipients of social security, certain. Tax credits for individuals people who filed tax returns for either 2007 or 2008 could qualify for recovery rebates. Meaning of economic stimulus act of 2008 as a finance term.
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. Economic stimulus act of 2008 publication economic. Title irecovery rebates and incentives for business investment sec. 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. Bush signed the economic stimulus act of 2008 on february, 2008. The economic stimulus act of 2008,1 signed on february, 2008, was passed to energize the national economy. For an extensive discussion of legislative action relating to economic stimulus issues, see crs report r40104, economic stimulus. The economic stimulus act of 2008 will provide million u. Joint committee on taxation, description of the economic stimulus act of 2008 jcx808, january 28, 2008. Media in category economic stimulus act of 2008 the following 3 files are in this category, out of 3 total. Abstract full text pdf references tables figures at a glance. Rebates for individuals act section 101 general rules for rebates. The recovery rebates and economic stimulus for the.
The countrys largest disaster spending was passed without a. Business tax provisions of the economic stimulus act of 2008. The act provides tax rebates for low and middleincome us taxpayers, and. The economic stimulus act of 2008 had three main parts. You must file a federal tax return for 2007 to be eligible for the stimulus payment. Consumer spending and the economic stimulus payments of 2008. 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. The economic stimulus act of 2008 was signed into law on february, 2008. The house and senate on february 7, 2008 passed the economic stimulus act of 2008. Cost estimate for the bill as ordered reported by the senate committee on finance on january 30, 2008. The economic stimulus act also increased the total amount of qualifying property. House of representatives on january 29, 2008, and in a slightly different. 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. 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.
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