TaxAlmanac:Featured article/February 8, 2008

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Economic Stimulus Act of 2008

Congress Passes Stimulus Tax Relief for Lower- and Middle-Income Families

Final bill provides relief to more than 20 million seniors, 250,000 disabled veterans

WASHINGTON – The U.S. House of Representatives voted in strong bipartisan support for the Senate Amendment to H.R. 5140, the Economic Stimulus Act of 2008.

H.R. 5140 will now go to the President’s desk where he is expected to sign the bill into law.

Provisions included in H.R. 5140 will:

  • Put hundreds of dollars into the hands of more than 130 million American families including seniors and disabled veterans – who will spend it immediately to reinvigorate the economy;
  • Build on the child tax credit by offering a one-time rebate of $300 per child;
  • Expand financing opportunities for Americans in danger of losing their homes because of the mortgage crisis;
  • Promote small business investment in plants and equipment; and
  • Help create 500,000 jobs by the end of the year.


Ways and Means Committee Chairman Charles B. Rangel (D-NY) issued the following remarks during consideration of the bill on the House Floor:

“I want to thank Speaker Pelosi, the Republican Leadership and Secretary Paulson for their willingness to work toward a bipartisan agreement on this critical bill. I also want to thank the Senate leadership for recognizing the urgency of this relief, and for finally getting to work to ensure its quick passage today, enabling the House to pass the Senate amendment and deliver the bill to the President for signature.

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