Economic Stimulus Act of 2008


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Economic Stimulus Act of 2008

Legislation in the United States that paid tax rebates to certain households, provided tax incentives to small businesses to encourage hiring and investment, and allowed Fannie Mae and Freddie Mac to purchase mortgages above previous limits. The act was intended to avert a recession, but it did not, and the U.S. entered a serious financial crisis later the same year.
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In essence, the Economic Stimulus Act of 2008 provides for a credit against the 2008 tax liability but seeks to provide for advanced receipt of the credit in the form of an immediate rebate.
Although the Economic Stimulus Act of 2008 provides only a few incentives for businesses to purchase additional equipment, it provides the much-publicized rebate checks for individuals.
Checks from the Economic Stimulus Act of 2008 are just now beginning to arrive in taxpayers' bank accounts, but surveys and studies suggest that a majority of the recipients won't be rushing off to the mall to make the economy boom once more.
In addition to the politically ballyhooed rebates for individual taxpayers, The Economic Stimulus Act of 2008 includes two major provisions for businesses.
Much of the acceleration was accounted for by cash rebates from the federal government under the Economic Stimulus Act of 2008.
Future income tax rebates will also be affected if they are worded similarly to the Economic Stimulus Act of 2008.
On January 30, the Senate Committee on Finance reported the Economic Stimulus Act of 2008, which contained provisions not included in the House bill.
(53) joint Committee on Taxation, Estimated Budget Effects of the "Economic Stimulus Act of 2008" as Passed by the House of Representatives and the Senate on February 7, 2008 (JCX-17-08), February 8, 2008, available at www.house.gov/jct/x-17-08.pdf.
The Small Business and Work Opportunity Tax Act of 2007 (SBWOTA) (1) and the Economic Stimulus Act of 2008 (2) have increased the amount that businesses can deduct under Sec.
A sharp acceleration in current-dollar DPI reflected a sharp acceleration in personal income and a sharp downturn in personal current taxes; both primarily reflected the rebates to individuals provided by the Economic Stimulus Act of 2008. (4)
The IRS has issued rules for individuals to follow to claim their rebate checks under the Economic Stimulus Act of 2008, P.L.
First-quarter profits reflected the effects of the Economic Stimulus Act of 2008 (see "The Effects of the Economic Stimulus Act of 2008 on Corporate Profits" on page 4).