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. The Economic Stimulus Act of 2008 has almost doubled the deduction cap, to $250,000, and raised the overall total cost to $800,000. 1 INTRODUCTION The Senate Committee on Finance has scheduled a markup on January 30, 2008. 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. The Economic Stimulus Act also increased the total amount of qualifying property 110–185 (text), 122 Stat. The Economic Stimulus Act increased the maximum section 179 expense deduction to $250,000 for qualified section 179 property that is placed in service in tax years that begin in 2008. The Economic Stimulus Act of 2008 (Pub.L. The legislation offers nearly $50 billion in temporary incentives to increase business investment. HR 5140 EAS. This document,1 prepared by the staff of the Joint Committee on Taxation, provides a description of the Economic Stimulus Act of 2008. 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. Tax Credits for Individuals People who filed tax returns for either 2007 or 2008 could qualify for “recovery rebates.” "Business Provisions of the Economic Stimulus Act of 2008," Pages 1–2. "Stimulus Package Includes Incentives For Small Business," Accessed Nov. 25, 2019. The most significant part of the Act is the economic stimulus payment to individuals. 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 … 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. Economic Stimulus Act of 2008 Primary tabs. Americas United States. The Act authorized federal payments of $300 to $1,200 to approximately 130 million American individuals and families. In the Senate of the United States, February 7 (legislative day, February 6), 2008. IRS. 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. U.S. Small Business Administration. 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. Accessed October 7, 2020. A federal law that attempted to avoid or mitigate an economic recession. ', do pass with the following 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. The United States combined many stimulus measures into the American Recovery and Reinvestment Act … Definition from Nolo’s Plain-English Law Dictionary. Resolved, That the bill from the House of Representatives (H.R. "2009 Recovery Act Q&A for Small Business Owners," Page 2. U.S. Small Business Administration Office of Advocacy. This is a 95 percent increase from the previous limitation of $128,000. & a For Small Business Owners, '' Page 2 into the Recovery... 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