5140) entitled `An Act to provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits. In the Senate of the United States, February 7 (legislative day, February 6), 2008. The Economic Stimulus Act also increased the total amount of qualifying property Definition from Nolo’s Plain-English Law Dictionary. The most significant part of the Act is the economic stimulus payment to individuals. This is a 95 percent increase from the previous limitation of $128,000. Twice as Nice In other words, a business can write off the full purchase price of almost TWICE the amount of qualifying equipment during calendar year 2008 as it could in calendar year 2007. Tax Credits for Individuals People who filed tax returns for either 2007 or 2008 could qualify for “recovery rebates.” Our analysis of 129.1 million economic stimulus payments generated as of June 13, 2008, determined that the Internal Revenue Service (IRS) correctly calculated 128.5 million stimulus … The Economic Stimulus Act of 2008 has almost doubled the deduction cap, to $250,000, and raised the overall total cost to $800,000. "Stimulus Package Includes Incentives For Small Business," Accessed Nov. 25, 2019. U.S. Small Business Administration Office of Advocacy. Resolved, That the bill from the House of Representatives (H.R. In 2008 the United States Congress passed—and then-President George W. Bush signed—the Economic Stimulus Act of 2008, a $152 billion stimulus designed to help stave off a recession.The bill primarily consisted of $600 tax rebates to low and middle income Americans. "Business Provisions of the Economic Stimulus Act of 2008," Pages 1–2. HR 5140 EAS. Economic Stimulus Act of 2008 Primary tabs. ', do pass with the following The United States combined many stimulus measures into the American Recovery and Reinvestment Act … 110–185 (text), 122 Stat. The Economic Stimulus Act of 2008 (Pub.L. The Act authorized federal payments of $300 to $1,200 to approximately 130 million American individuals and families. U.S. Small Business Administration. While rebate checks for individual taxpayers have taken the center stage for most of the coverage of the Economic Stimulus Act, there is plenty included in the package for businesses. A federal law that attempted to avoid or mitigate an economic recession. IRS. The Economic Stimulus Act of 2008 (USStatute|110|185|122|613|2008|02|13) is an Act of Congress providing for several kinds of economic stimulus intended to boost the United States economy in 2008 and to avert or ameliorate a recession.The stimulus package was passed by the U.S. House of Representatives on January 29, 2008, and in a slightly different version by the U.S. Senate on February 7, 2008. This document,1 prepared by the staff of the Joint Committee on Taxation, provides a description of the Economic Stimulus Act of 2008. 1 This document may be cited as follows: Joint Committee on Taxation, Description of the “Economic Stimulus Act of 2008” (JCX-8-08), January 28, 2008. Accessed October 7, 2020. ECONOMIC STIMULUS ACT OF 2008 The Economic Stimulus Act of 2008 had three main parts: an individual income tax rebate sent out in mid-2008 and two business provisions to encourage investment during 2008. "2009 Recovery Act Q&A for Small Business Owners," Page 2. 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