h 525 48831 1201496400 false 1202431440 1202878800 124 5140 56388 This is the old economic stimulus package from the previous session of Congress. The one from President Obama being debated currently can be viewed at the link below:<br><br> <a href="http://www.opencongress.org/bill/111-h1/show">H.R. 1 - American Recovery and Reinvestment Act of 2009</a> (conference report <a href="http://www.opencongress.org/articles/view/876-Stimulus-Bill-Text">bill text</a>)<br><br> This bill, H.R. 5140, is designed to inject money into the economy through individual tax rebates, business tax incentives and increasing the number of loans the FHA and GSEs are allowed to buy up or insure. It would phase out the tax rebates for individuals with an adjusted gross income above $75,000 and for couples above $150,000. The bill totals $145.9 billion, but the business tax incentives, which encourage investment in FY08, would bring the total cost down to $117.2 billion over ten years. 110 400314

2/13/2008--Public Law. (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.)<br/>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.<br/>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.<br/>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.<br/>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.<br/>(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.<br/>(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.<br/>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.<br/>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.<br/>(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.<br/>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.

1202878800 2008-02-13 Fri Nov 07 04:40:50 -0600 2008 enacted 48831 'act':3 '2008':5 'econom':1 'stimulus':2 57378 false short introduced 48831 'act':10 '2008':12 'peopl':9 'rebat':2 'econom':4 'american':8 'recoveri':1 'stimulus':5 56883 true short passed house 48831 'act':10 '2008':12 'peopl':9 'rebat':2 'econom':4 'american':8 'recoveri':1 'stimulus':5 57018 false short passed senate 48831 'act':3 '2008':5 'econom':1 'stimulus':2 57115 false short introduced 48831 'fha':20 'busi':12 'loan':21 'limit':22 'rebat':7 'econom':3 'incent':10 'invest':13 'provid':2 'conform':18 'increas':16 'individu':9 'recoveri':6 'stimulus':4 56884 false official signed 48831 1202878800 Wed Feb 13 00:00:00 -0600 2008 145449 Signed by President. P000197 1940-03-26 22627 235 Cannon House Office Building http://www.house.gov/pelosi/contact/contact.html 8 202-225-8259 Nancy 'd':4 '-8':6 'ca':5 'rep':1 'nanci':2,7,9 'pelosi':3,8,10 F 400314 Pelosi Nancy_Pelosi Rep. Nancy Pelosi [D, CA-8] 9648 N00007360 20004 Democrat 202-225-4965 Roman Catholic CA Nancy Pelosi 1.0 http://www.house.gov/pelosi/ nancypelosi B000013 1947-12-28 3975 2246 Rayburn Building http://www.house.gov/writerep/ 6 202-225-2082 Spencer 'r':4 '-6':6 'al':5 'rep':1 'bachus':3,8,10 'spencer':2,7,9 M 400010 Bachus Spencer_Bachus Thomas Rep. Spencer Bachus [R, AL-6] 2137 N00008091 7515 Republican 202-225-4921 Baptist AL Spencer Bachus 4.5 http://bachus.house.gov/HoR/AL06/Home/ B000287 1958-01-26 2946 1119 Longworth House Office Building http://becerra.house.gov/HoR/CA31/Hidden+Content/Email+Signup+Form.htm 31 202-225-2202 Xavier 'd':4 'ca':5 '-31':6 'rep':1 'xavier':2,7,9 'becerra':3,8,10 M 400021 Becerra Xavier_Becerra Rep. Xavier Becerra [D, CA-31] 995 N00009774 6811 Democrat 202-225-6235 Roman Catholic CA Xavier Becerra 3.33333333333333 http://becerra.house.gov/HoR/CA31/home XavierBecerra B000575 1950-01-10 7109 217 Cannon House Office Building http://www.blunt.house.gov/Contact.aspx 7 202-225-5604 Roy 'r':4 '-7':6 'mo':5 'rep':1 'roy':2,7,9 'blunt':3,8,10 M 400034 Blunt Roy_Blunt Rep. Roy Blunt [R, MO-7] 3740 N00005195 7257 Republican 202-225-6536 Baptist MO Roy Blunt 3.25 http://www.blunt.house.gov/ RepRoyBlunt B000589 1949-11-17 13510 1011 Longworth House Office Building http://www.johnboehner.house.gov/Contact/ 8 202-225-0704 John 'r':4 '-8':6 'oh':5 'rep':1 'john':2,7,9 'boehner':3,8,10 M 400036 Boehner John_A._Boehner A. Rep. John Boehner [R, OH-8] 6915 N00003675 11090 Republican 202-225-6205 Roman Catholic OH John Boehner 5.90566037735849 http://johnboehner.house.gov/ JohnBoehner C000537 1940-07-21 5889 2135 Rayburn House Office Building http://clyburn.house.gov/contact.cfm 6 202-225-2313 James 'd':4 '-6':6 'sc':5 'jim':9 'rep':1 'jame':2,7,10 'clyburn':3,8,11 M 400075 Clyburn James_E._Clyburn E. Rep. James Clyburn [D, SC-6] 2452 Jim N00002408 6265 Democrat 202-225-3315 African Methodist Episcopal SC Jim James Clyburn 1.5 http://clyburn.house.gov/ D000216 1943-03-02 5449 2262 Rayburn House Office Building http://delauro.house.gov/contact_form_email.cfm 3 202-225-4890 Rosa 'd':4 '-3':6 'ct':5 'rep':1 'rosa':2,7,9 'delauro':3,8,10 F 400103 DeLauro Rosa_L._DeLauro L. Rep. Rosa DeLauro [D, CT-3] 2797 N00000615 11632 Democrat 202-225-3661 Roman Catholic CT Rosa DeLauro 0.866666666666667 http://www.house.gov/delauro/ E000287 1959-11-29 6712 5 Rahm 'd':4 '-5':6 'il':5 'rep':1 'rahm':2,7,9 'emanuel':3,8,10 M 400120 Emanuel Rahm_Emanuel Rep. Rahm Emanuel [D, IL-5] 2658 N00024813 7500 Democrat Jewish IL Rahm Emanuel 3.0 F000339 1940-03-31 15320 2252 Rayburn House Office Building http://www.house.gov/writerep 4 202-225-0182 Barney 'd':4 '-4':6 'ma':5 'rep':1 'frank':3,8,10 'barney':2,7,9 M 400140 Frank Barney_Frank Rep. Barney Frank [D, MA-4] 7567 N00000275 17902 Democrat 202-225-5931 Jewish MA Barney Frank 2.62162162162162 http://www.house.gov/frank/ G000377 1943-01-18 1890 440 Cannon House Office Building http://kaygranger.house.gov/?sectionid=46&sectiontree=46 12 202-225-5683 Kay 'r':4 'tx':5 '-12':6 'kay':2,7,9 'rep':1 'granger':3,8,10 F 400157 Granger Kay_Granger Rep. Kay Granger [R, TX-12] 721 N00008799 6378 Republican 202-225-5071 Methodist TX Kay Granger 6.625 http://kaygranger.house.gov/ H000874 1939-06-14 8922 1705 Longworth House Office Building http://hoyer.house.gov/contact/email.asp 5 202-225-4300 Steny 'd':4 '-5':6 'md':5 'rep':1 'hoyer':3,8,10 'steni':2,7,9 M 400189 Hoyer Steny_H._Hoyer H. Rep. Steny Hoyer [D, MD-5] 4228 N00001821 8144 Democrat 202-225-4131 Baptist MD Steny Hoyer 1.6875 http://www.hoyer.house.gov/ LeaderHoyer L000557 1948-07-22 3078 1005 Longworth House Office Building http://www.house.gov/writerep 1 202-225-1031 John 'd':4 '-1':6 'ct':5 'rep':1 'john':2,7,9 'larson':3,8,10 M 400233 Larson John_B._Larson B. Rep. John Larson [D, CT-1] 1399 N00000575 6802 Democrat 202-225-2265 CT John Larson 1.85714285714286 http://www.house.gov/larson/index.htm M000388 1949-09-18 284 James 'jim':5 'jame':1,3,6 'mccreri':2,4,7 M 400261 McCrery Jim_McCrery O. James McCrery 29 Jim N00005414 4403 Republican Methodist James McCrery M000725 1945-05-17 8139 2205 Rayburn House Office Building http://georgemiller.house.gov/contactus/2007/08/post_1.html 7 202-225-5609 George 'd':4 '-7':6 'ca':5 'rep':1 'georg':2,7,9 'miller':3,8,10 M 400278 Miller George_Miller Rep. George Miller [D, CA-7] 4604 N00007390 9922 Democrat 202-225-2095 Catholic CA George Miller 2.1875 http://georgemiller.house.gov/ RepGeorgeMiller O000007 1938-10-03 5065 2314 Rayburn House Office Building http://www.obey.house.gov/index.php?option=com_content&task=view&id=637&Itemid=187 7 David 'd':4 '-7':6 'wi':5 'rep':1 'dave':9 'obey':3,8,11 'david':2,7,10 M 400300 Obey David_R._Obey Ross Rep. David Obey [D, WI-7] 2307 Dave N00004394 9427 Democrat 202-225-3365 Roman Catholic WI Dave David Obey 4.54545454545455 http://obey.house.gov/HoR/WI07/Home.htm DavidObey R000053 1930-06-11 9048 2354 Rayburn House Office Building https://forms.house.gov/rangel/forms/contact.shtml 15 202-225-0816 Charles 'd':4 'ny':5 '-15':6 'rep':1 'charl':2,7,9 'rangel':3,8,10 M 400333 Rangel Charles_B._Rangel B. Rep. Charles Rangel [D, NY-15] 4035 N00000964 13746 Democrat 202-225-4365 Roman Catholic NY Charlie Charles Rangel 1.26785714285714 http://www.house.gov/rangel/ RepRangel signed 48831 1202878800 Wed Feb 13 00:00:00 -0600 2008 145449 Signed by President. enacted 48831 1202878800 Wed Feb 13 00:00:00 -0600 2008 145692 Became Public Law No: 110-185. topresident 48831 1202446800 Fri Feb 08 00:00:00 -0600 2008 145103 Presented to President. action 48831 1202427780 Thu Feb 07 19:43:00 -0600 2008 144793 On motion that the House agree to the Senate amendment Agreed to by the Yeas and Nays: 380 - 34 (Roll no. 42). action 48831 1202426340 Thu Feb 07 19:19:00 -0600 2008 144792 The previous question was ordered pursuant to a previous special order. action 48831 1202423400 Thu Feb 07 18:30:00 -0600 2008 155244 Considered pursuant to a previous special order of the House. action 48831 1202423400 Thu Feb 07 18:30:00 -0600 2008 144790 Mr. Rangel moved that the House agree to the Senate amendment. action 48831 1202423400 Thu Feb 07 18:30:00 -0600 2008 155245 DEBATE - 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. action 48831 1202423400 Thu Feb 07 18:30:00 -0600 2008 155243 ORDER 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. vote 48831 1202360400 Thu Feb 07 00:00:00 -0600 2008 roll 144789 pass Passed Senate with an amendment by Yea-Nay Vote. 81 - 16. Record Vote Number: 10. vote2 s action 48831 1202360400 Thu Feb 07 00:00:00 -0600 2008 144788 Motion 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. action 48831 1202360400 Thu Feb 07 00:00:00 -0600 2008 144791 Message on Senate action sent to the House. action 48831 1202360400 Thu Feb 07 00:00:00 -0600 2008 144787 Considered by Senate. topresident 48831 1202360400 Thu Feb 07 00:00:00 -0600 2008 144794 Cleared for White House. action 48831 1202274000 Wed Feb 06 00:00:00 -0600 2008 144556 Considered by Senate. action 48831 1202187600 Tue Feb 05 00:00:00 -0600 2008 144471 Motion 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. action 48831 1202187600 Tue Feb 05 00:00:00 -0600 2008 144470 Measure laid before Senate by motion. action 48831 1202187600 Tue Feb 05 00:00:00 -0600 2008 144469 Motion to proceed to measure considered in Senate. action 48831 1202101200 Mon Feb 04 00:00:00 -0600 2008 144439 Cloture on the motion to proceed to the measure invoked in Senate by Yea-Nay Vote. 80 - 4. Record Vote Number: 5. action 48831 1201755600 Thu Jan 31 00:00:00 -0600 2008 144392 Cloture motion on the motion to proceed to the measure presented in Senate. action 48831 1201755600 Thu Jan 31 00:00:00 -0600 2008 144393 Motion to proceed to consideration of measure withdrawn in Senate. action 48831 1201755600 Thu Jan 31 00:00:00 -0600 2008 144391 Motion to proceed to consideration of measure made in Senate. calendar 48831 1201669200 Wed Jan 30 00:00:00 -0600 2008 144390 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 566. action 48831 1201666980 Tue Jan 29 12:23:00 -0600 2008 155242 DEBATE - The House proceeded with debate on H.R. 5140. action 48831 1201666860 Tue Jan 29 12:21:00 -0600 2008 144103 Mr. Rangel moved to suspend the rules and pass the bill. action 48831 1201666860 Tue Jan 29 12:21:00 -0600 2008 144104 Considered under suspension of the rules. vote 48831 1201633800 Tue Jan 29 15:10:00 -0600 2008 roll 144105 pass 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). vote h action 48831 1201582800 Tue Jan 29 00:00:00 -0600 2008 144106 Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. action 48831 1201496400 Mon Jan 28 00:00:00 -0600 2008 143962 Referred 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. action 48831 1201496400 Mon Jan 28 00:00:00 -0600 2008 143963 Referred to House Ways and Means introduced 48831 1201496400 Mon Jan 28 00:00:00 -0600 2008 143961 action 48831 1201496400 Mon Jan 28 00:00:00 -0600 2008 143964 Referred to House Financial Services 16 380 48831 Thu Feb 07 18:44:00 -0600 2008 true 2895 34 42 77 0 On Agreeing to the Senate Amendment: H R 5140 Recovery Rebates and Economic Stimulus for the American People Act of 2008 true 1/2 Passed On Agreeing to the Senate Amendment Thu Feb 07 18:50:06 -0600 2008 house 3 81 48831 Thu Feb 07 15:36:00 -0600 2008 true Mon Oct 27 21:13:23 -0500 2008 3323 true 16 10 101 0 On Passage of the Bill (H.R. 5140 As Amended ) true 1/2 Bill Passed On Passage of the Bill Thu Feb 07 16:35:07 -0600 2008 senate 3 15639 91 48831 Thu Feb 07 15:11:00 -0600 2008 true 4347 6 9 23 0 On the Amendment (Reid Amdt. No. 4010 ) true 1/2 Amendment Agreed to On the Amendment Thu Feb 07 16:35:48 -0600 2008 senate 1 15591 58 48831 Wed Feb 06 16:46:00 -0600 2008 true 2706 41 8 75 0 On the Cloture Motion (Motion To Invoke Cloture On The Reid Amdt No. 3983 ) false 3/5 Cloture Motion Rejected On the Cloture Motion Wed Feb 06 18:05:04 -0600 2008 senate 15 73 48831 Tue Feb 05 10:37:00 -0600 2008 true 4422 12 6 41 0 On the Motion (Motion to Instruct Sgt. At Arms ) true 1/2 Motion Agreed to On the Motion Tue Feb 05 11:50:05 -0600 2008 senate 16 80 48831 Mon Feb 04 16:31:00 -0600 2008 true 4427 4 5 32 0 On the Cloture Motion (Motion To Invoke Cloture On The Motion To Proceed To Consider H.R. 5140 ) true 3/5 Cloture Motion Agreed to On the Cloture Motion Mon Feb 04 17:35:05 -0600 2008 senate 10 385 48831 Tue Jan 29 14:11:00 -0600 2008 true 4441 35 25 78 1 On Motion to Suspend the Rules and Pass: H R 5140 Recovery Rebates and Economic Stimulus for the American People Act of 2008 true 2/3 Passed On Motion to Suspend the Rules and Pass Tue Jan 29 14:35:07 -0600 2008 house