http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=18507 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc0"> Detailed Summary </h2> <p>&lt;b&gt;(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.)&lt;/b&gt;</p> <p>Economic Stimulus Act of 2008 - T&lt;b&gt;itle I: Recovery Rebates and Incentives for Business Investment&lt;/b&gt; - (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.</p> <p>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.</p> <p>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).</p> <p>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).</p> <p>Provides for payment of comparable tax rebates to residents of the Commonwealths of Puerto Rico and the Northern Mariana Islands.</p> <p>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.</p> <p>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.</p> <p>(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.</p> <p>(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.</p> <p>&lt;b&gt;Title II: Housing GSE and FHA Loan Limits&lt;/b&gt; - (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.</p> <p>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.</p> <p>(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.</p> <p>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.</p> <p>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.</p> <p>&lt;b&gt;Title III: Emergency Designation&lt;/b&gt; - Designates all provisions of this Act as emergency requirements and necessary to meet emergency needs for certain budgetary purposes.</p> <!-- Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 2/13/2008: Signed by President.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>This bill will inject nearly 156 billion dollars into the US economy (house version). It isn't designed to give everyone a rebate, just those who statistically will spend it the way it needs to be spent in order to boost the economy.</p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass! If you hate the bill, voice your reasoning here.)</p> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> 18507@http://www.washingtonwatch.com Thu, 14 Feb 2008 17:43:13 EST http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=18422 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc4"> Detailed Summary </h2> <p>Economic Stimulus Act of 2008 - T&lt;b&gt;itle I: Recovery Rebates and Incentives for Business Investment&lt;/b&gt; - (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.</p> <p>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.</p> <p>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).</p> <p>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).</p> <p>Provides for payment of comparable tax rebates to residents of the Commonwealths of Puerto Rico and the Northern Mariana Islands.</p> <p>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.</p> <p>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.</p> <p>(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.</p> <p>(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.</p> <p>&lt;b&gt;Title II: Housing GSE and FHA Loan Limits&lt;/b&gt; - (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.</p> <p>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.</p> <p>(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.</p> <p>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.</p> <p>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.</p> <p>&lt;b&gt;Title III: Emergency Designation&lt;/b&gt; - Designates all provisions of this Act as emergency requirements and necessary to meet emergency needs for certain budgetary purposes.</p> <!-- Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>Latest Major Action: 2/13/2008: Signed by President.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>This bill will inject nearly 156 billion dollars into the US economy (house version). It isn't designed to give everyone a rebate, just those who statistically will spend it the way it needs to be spent in order to boost the economy.</p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass! If you hate the bill, voice your reasoning here.)</p> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> 18422@http://www.washingtonwatch.com Wed, 13 Feb 2008 17:38:51 EST http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=18260 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc8"> Detailed Summary </h2> <p>Economic Stimulus Act of 2008 - T&lt;b&gt;itle I: Recovery Rebates and Incentives for Business Investment&lt;/b&gt; - (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.</p> <p>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.</p> <p>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).</p> <p>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).</p> <p>Provides for payment of comparable tax rebates to residents of the Commonwealths of Puerto Rico and the Northern Mariana Islands.</p> <p>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.</p> <p>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.</p> <p>(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.</p> <p>(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.</p> <p>&lt;b&gt;Title II: Housing GSE and FHA Loan Limits&lt;/b&gt; - (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.</p> <p>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.</p> <p>(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.</p> <p>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.</p> <p>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.</p> <p>&lt;b&gt;Title III: Emergency Designation&lt;/b&gt; - Designates all provisions of this Act as emergency requirements and necessary to meet emergency needs for certain budgetary purposes.</p> <!-- Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc9"> Status of the Legislation </h2> <p>Latest Major Action: 2/8/2008: Presented to President.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc10"> Points in Favor </h2> <p>This bill will inject nearly 156 billion dollars into the US economy (house version). It isn't designed to give everyone a rebate, just those who statistically will spend it the way it needs to be spent in order to boost the economy.</p> <h2 id="toc11"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass! If you hate the bill, voice your reasoning here.)</p> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> 18260@http://www.washingtonwatch.com Mon, 11 Feb 2008 17:35:12 EST http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=18219 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc12"> Detailed Summary </h2> <p>Economic Stimulus Act of 2008 - T&lt;b&gt;itle I: Recovery Rebates and Incentives for Business Investment&lt;/b&gt; - (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.</p> <p>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.</p> <p>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).</p> <p>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).</p> <p>Provides for payment of comparable tax rebates to residents of the Commonwealths of Puerto Rico and the Northern Mariana Islands.</p> <p>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.</p> <p>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.</p> <p>(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.</p> <p>(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.</p> <p>&lt;b&gt;Title II: Housing GSE and FHA Loan Limits&lt;/b&gt; - (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.</p> <p>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.</p> <p>(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.</p> <p>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.</p> <p>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.</p> <p>&lt;b&gt;Title III: Emergency Designation&lt;/b&gt; - Designates all provisions of this Act as emergency requirements and necessary to meet emergency needs for certain budgetary purposes.</p> <!-- Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc13"> Status of the Legislation </h2> <p>Latest Major Action: 2/7/2008: Cleared for White House.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc14"> Points in Favor </h2> <p>This bill will inject nearly 156 billion dollars into the US economy (house version). It isn't designed to give everyone a rebate, just those who statistically will spend it the way it needs to be spent in order to boost the economy.</p> <h2 id="toc15"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass! If you hate the bill, voice your reasoning here.)</p> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> 18219@http://www.washingtonwatch.com Fri, 08 Feb 2008 17:37:30 EST http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=18218 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc16"> Detailed Summary </h2> <p>Recovery Rebates and Economic Stimulus for the American People Act of 2008 -</p> <p><b>Title I: Recovery Rebates and Incentives for Business Investment</b> -</p> <p>(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.</p> <p>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.</p> <p>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).</p> <p>Directs the Secretary of the Treasury to pay tax rebates as rapidly as possible. Prohibits payment of rebates after December 31, 2008.</p> <p>Provides for payment of comparable tax rebates to residents of the Commonwealths of Puerto Rico and the Northern Mariana Islands.</p> <p>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.</p> <p>(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.</p> <p>(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.</p> <p><b>Title II: Housing GSE and FHA Loan Limits</b> -</p> <p>(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.</p> <p>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.</p> <p>(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.</p> <p>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.</p> <p>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.</p> <!-- Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc17"> Status of the Legislation </h2> <p>Latest Major Action: 2/7/2008: Cleared for White House.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc18"> Points in Favor </h2> <p>This bill will inject nearly 156 billion dollars into the US economy (house version). It isn't designed to give everyone a rebate, just those who statistically will spend it the way it needs to be spent in order to boost the economy.</p> <h2 id="toc19"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass! If you hate the bill, voice your reasoning here.)</p> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> 18218@http://www.washingtonwatch.com Fri, 08 Feb 2008 17:37:29 EST http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=18014 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc20"> Detailed Summary </h2> <p>Recovery Rebates and Economic Stimulus for the American People Act of 2008 -</p> <p><b>Title I: Recovery Rebates and Incentives for Business Investment</b> -</p> <p>(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.</p> <p>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.</p> <p>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).</p> <p>Directs the Secretary of the Treasury to pay tax rebates as rapidly as possible. Prohibits payment of rebates after December 31, 2008.</p> <p>Provides for payment of comparable tax rebates to residents of the Commonwealths of Puerto Rico and the Northern Mariana Islands.</p> <p>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.</p> <p>(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.</p> <p>(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.</p> <p><b>Title II: Housing GSE and FHA Loan Limits</b> -</p> <p>(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.</p> <p>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.</p> <p>(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.</p> <p>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.</p> <p>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.</p> <!-- Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc21"> Status of the Legislation </h2> <p>Latest Major Action: 2/6/2008: Senate floor actions. Status: Considered by Senate.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc22"> Points in Favor </h2> <p>This bill will inject nearly 156 billion dollars into the US economy (house version). It isn't designed to give everyone a rebate, just those who statistically will spend it the way it needs to be spent in order to boost the economy.</p> <h2 id="toc23"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass! If you hate the bill, voice your reasoning here.)</p> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> 18014@http://www.washingtonwatch.com Thu, 07 Feb 2008 17:32:52 EST http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=17951 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc24"> Detailed Summary </h2> <p>Recovery Rebates and Economic Stimulus for the American People Act of 2008 -</p> <p><b>Title I: Recovery Rebates and Incentives for Business Investment</b> -</p> <p>(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.</p> <p>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.</p> <p>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).</p> <p>Directs the Secretary of the Treasury to pay tax rebates as rapidly as possible. Prohibits payment of rebates after December 31, 2008.</p> <p>Provides for payment of comparable tax rebates to residents of the Commonwealths of Puerto Rico and the Northern Mariana Islands.</p> <p>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.</p> <p>(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.</p> <p>(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.</p> <p><b>Title II: Housing GSE and FHA Loan Limits</b> -</p> <p>(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.</p> <p>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.</p> <p>(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.</p> <p>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.</p> <p>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.</p> <!-- Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc25"> Status of the Legislation </h2> <p>Latest Major Action: 2/5/2008: Senate floor actions. Status: 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.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc26"> Points in Favor </h2> <p>This bill will inject nearly 156 billion dollars into the US economy (house version). It isn't designed to give everyone a rebate, just those who statistically will spend it the way it needs to be spent in order to boost the economy.</p> <h2 id="toc27"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass! If you hate the bill, voice your reasoning here.)</p> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> 17951@http://www.washingtonwatch.com Wed, 06 Feb 2008 17:32:14 EST http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=17949 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc28"> Detailed Summary </h2> <p>Recovery Rebates and Economic Stimulus for the American People Act of 2008 -</p> <p><b>Title I: Recovery Rebates and Incentives for Business Investment</b> -</p> <p>(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.</p> <p>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.</p> <p>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).</p> <p>Directs the Secretary of the Treasury to pay tax rebates as rapidly as possible. Prohibits payment of rebates after December 31, 2008.</p> <p>Provides for payment of comparable tax rebates to residents of the Commonwealths of Puerto Rico and the Northern Mariana Islands.</p> <p>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.</p> <p>(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.</p> <p>(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.</p> <p><b>Title II: Housing GSE and FHA Loan Limits</b> -</p> <p>(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.</p> <p>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.</p> <p>(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.</p> <p>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.</p> <p>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.</p> <!-- Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc29"> Status of the Legislation </h2> <p>Latest Major Action: 2/4/2008: Senate floor actions. Status: Cloture on the motion to proceed to the measure invoked in Senate by Yea-Nay Vote. 80 - 4. Record Vote Number: 5.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc30"> Points in Favor </h2> <p>This bill will inject nearly 156 billion dollars into the US economy (house version). It isn't designed to give everyone a rebate, just those who statistically will spend it the way it needs to be spent in order to boost the economy.</p> <h2 id="toc31"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass! If you hate the bill, voice your reasoning here.)</p> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> 17949@http://www.washingtonwatch.com Tue, 05 Feb 2008 18:47:55 EST http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=17922 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc32"> Detailed Summary </h2> <p>&lt;b&gt;(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)&lt;/b&gt;</p> <p>Recovery Rebates and Economic Stimulus for the American People Act of 2008 - T&lt;b&gt;itle I: Recovery Rebates and Incentives for Business Investment&lt;/b&gt; - (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.</p> <p>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.</p> <p>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).</p> <p>Directs the Secretary of the Treasury to pay tax rebates as rapidly as possible. Prohibits payment of rebates after December 31, 2008.</p> <p>Provides for payment of comparable tax rebates to residents of the Commonwealths of Puerto Rico and the Northern Mariana Islands.</p> <p>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.</p> <p>(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.</p> <p>(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.</p> <p>&lt;b&gt;Title II: Housing GSE and FHA Loan Limits&lt;/b&gt; - (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.</p> <p>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.</p> <p>(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.</p> <p>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.</p> <p>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.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc33"> Status of the Legislation </h2> <p>Latest Major Action: 2/4/2008: Senate floor actions. Status: Cloture on the motion to proceed to the measure invoked in Senate by Yea-Nay Vote. 80 - 4. Record Vote Number: 5.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc34"> Points in Favor </h2> <p>This bill will inject nearly 156 billion dollars into the US economy (house version). It isn't designed to give everyone a rebate, just those who statistically will spend it the way it needs to be spent in order to boost the economy. <br /> <!--</p> <h2 id="toc35"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass! If you hate the bill, voice your reasoning here.)<br /> &lt;!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 17922@http://www.washingtonwatch.com Tue, 05 Feb 2008 17:32:59 EST http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=17918 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc36"> Detailed Summary </h2> <p>&lt;b&gt;(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)&lt;/b&gt;</p> <p>Recovery Rebates and Economic Stimulus for the American People Act of 2008 - T&lt;b&gt;itle I: Recovery Rebates and Incentives for Business Investment&lt;/b&gt; - (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.</p> <p>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.</p> <p>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).</p> <p>Directs the Secretary of the Treasury to pay tax rebates as rapidly as possible. Prohibits payment of rebates after December 31, 2008.</p> <p>Provides for payment of comparable tax rebates to residents of the Commonwealths of Puerto Rico and the Northern Mariana Islands.</p> <p>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.</p> <p>(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.</p> <p>(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.</p> <p>&lt;b&gt;Title II: Housing GSE and FHA Loan Limits&lt;/b&gt; - (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.</p> <p>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.</p> <p>(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.</p> <p>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.</p> <p>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.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc37"> Status of the Legislation </h2> <p>Latest Major Action: 1/31/2008: Senate floor actions. Status: Motion to proceed to consideration of measure withdrawn in Senate.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc38"> Points in Favor </h2> <p>This bill will inject nearly 156 billion dollars into the US economy (house version). It isn't designed to give everyone a rebate, just those who statistically will spend it the way it needs to be spent in order to boost the economy. <br /> <!--</p> <h2 id="toc39"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass! If you hate the bill, voice your reasoning here.)<br /> &lt;!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 17918@http://www.washingtonwatch.com Tue, 05 Feb 2008 16:21:39 EST http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=17870 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc40"> Detailed Summary </h2> <p>Recovery Rebates and Economic Stimulus for the American People Act of 2008 - Amends the Internal Revenue Code to: (1) grant tax rebates of the lesser of net income tax liability or $600 to individual taxpayers in 2008 ($1,200 to married couples filing joint returns, plus $300 for each dependent child); (2) provide for a minimum tax rebate of $300 ($600 for joint returns) for taxpayers with earned income of at last $3,000; (3) increase to $250,000 in 2008 the expensing allowance for depreciable business assets; and (4) allow business taxpayers a 50% bonus depreciation allowance for equipment placed in service in 2008. Reduces taxpayer rebates by 5% of the amount that exceeds an adjusted gross income of $75,000 ($150,000 for joint returns).</p> <p>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).</p> <p>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.</p> <p>Establishes a temporary loan limit increase for mortgages in specified high-cost areas if the borrower receives credit approval by December 31, 2008.</p> <p>Grants the Secretary of Housing and Urban Development (HUD) discretionary authority to increase loan limits for a specified period.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc41"> Status of the Legislation </h2> <p>Latest Major Action: 1/31/2008: Senate floor actions. Status: Motion to proceed to consideration of measure withdrawn in Senate.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc42"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc43"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 17870@http://www.washingtonwatch.com Fri, 01 Feb 2008 17:37:22 EST http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=17871 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc44"> Detailed Summary </h2> <p>&lt;b&gt;(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)&lt;/b&gt;</p> <p>Recovery Rebates and Economic Stimulus for the American People Act of 2008 - T&lt;b&gt;itle I: Recovery Rebates and Incentives for Business Investment&lt;/b&gt; - (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.</p> <p>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.</p> <p>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).</p> <p>Directs the Secretary of the Treasury to pay tax rebates as rapidly as possible. Prohibits payment of rebates after December 31, 2008.</p> <p>Provides for payment of comparable tax rebates to residents of the Commonwealths of Puerto Rico and the Northern Mariana Islands.</p> <p>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.</p> <p>(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.</p> <p>(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.</p> <p>&lt;b&gt;Title II: Housing GSE and FHA Loan Limits&lt;/b&gt; - (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.</p> <p>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.</p> <p>(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.</p> <p>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.</p> <p>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.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc45"> Status of the Legislation </h2> <p>Latest Major Action: 1/31/2008: Senate floor actions. Status: Motion to proceed to consideration of measure withdrawn in Senate.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc46"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc47"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 17871@http://www.washingtonwatch.com Fri, 01 Feb 2008 17:37:22 EST http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=17846 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc48"> Detailed Summary </h2> <p>Recovery Rebates and Economic Stimulus for the American People Act of 2008 - Amends the Internal Revenue Code to: (1) grant tax rebates of the lesser of net income tax liability or $600 to individual taxpayers in 2008 ($1,200 to married couples filing joint returns, plus $300 for each dependent child); (2) provide for a minimum tax rebate of $300 ($600 for joint returns) for taxpayers with earned income of at last $3,000; (3) increase to $250,000 in 2008 the expensing allowance for depreciable business assets; and (4) allow business taxpayers a 50% bonus depreciation allowance for equipment placed in service in 2008. Reduces taxpayer rebates by 5% of the amount that exceeds an adjusted gross income of $75,000 ($150,000 for joint returns).</p> <p>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).</p> <p>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.</p> <p>Establishes a temporary loan limit increase for mortgages in specified high-cost areas if the borrower receives credit approval by December 31, 2008.</p> <p>Grants the Secretary of Housing and Urban Development (HUD) discretionary authority to increase loan limits for a specified period.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc49"> Status of the Legislation </h2> <p>Latest Major Action: 1/30/2008: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 566.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc50"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc51"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 17846@http://www.washingtonwatch.com Thu, 31 Jan 2008 17:34:31 EST http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=17826 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc52"> Detailed Summary </h2> <p>Recovery Rebates and Economic Stimulus for the American People Act of 2008 - Amends the Internal Revenue Code to: (1) grant tax rebates of the lesser of net income tax liability or $600 to individual taxpayers in 2008 ($1,200 to married couples filing joint returns, plus $300 for each dependent child); (2) provide for a minimum tax rebate of $300 ($600 for joint returns) for taxpayers with earned income of at last $3,000; (3) increase to $250,000 in 2008 the expensing allowance for depreciable business assets; and (4) allow business taxpayers a 50% bonus depreciation allowance for equipment placed in service in 2008. Reduces taxpayer rebates by 5% of the amount that exceeds an adjusted gross income of $75,000 ($150,000 for joint returns).</p> <p>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).</p> <p>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.</p> <p>Establishes a temporary loan limit increase for mortgages in specified high-cost areas if the borrower receives credit approval by December 31, 2008.</p> <p>Grants the Secretary of Housing and Urban Development (HUD) discretionary authority to increase loan limits for a specified period.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc53"> Status of the Legislation </h2> <p>Latest Major Action: 1/29/2008: Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc54"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc55"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 17826@http://www.washingtonwatch.com Wed, 30 Jan 2008 17:32:54 EST http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=17657 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc56"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc57"> Status of the Legislation </h2> <p>(Log in to edit the wiki and be the first to update the status of the bill!)</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc58"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc59"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 17657@http://www.washingtonwatch.com Tue, 29 Jan 2008 17:30:35 EST http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=17658 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc60"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc61"> Status of the Legislation </h2> <p>Latest Major Action: 1/28/2008: Referred to House committee. Status: 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.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc62"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc63"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 17658@http://www.washingtonwatch.com Tue, 29 Jan 2008 17:30:35 EST http://www.washingtonwatch.com/bills/history/110_PL_110-185.html?rev=17659 <p>H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.</p> <h2 id="toc64"> Detailed Summary </h2> <p>Recovery Rebates and Economic Stimulus for the American People Act of 2008 - Amends the Internal Revenue Code to: (1) grant tax rebates of the lesser of net income tax liability or $600 to individual taxpayers in 2008 ($1,200 to married couples filing joint returns, plus $300 for each dependent child); (2) provide for a minimum tax rebate of $300 ($600 for joint returns) for taxpayers with earned income of at last $3,000; (3) increase to $250,000 in 2008 the expensing allowance for depreciable business assets; and (4) allow business taxpayers a 50% bonus depreciation allowance for equipment placed in service in 2008. Reduces taxpayer rebates by 5% of the amount that exceeds an adjusted gross income of $75,000 ($150,000 for joint returns).</p> <p>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).</p> <p>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.</p> <p>Establishes a temporary loan limit increase for mortgages in specified high-cost areas if the borrower receives credit approval by December 31, 2008.</p> <p>Grants the Secretary of Housing and Urban Development (HUD) discretionary authority to increase loan limits for a specified period.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc65"> Status of the Legislation </h2> <p>Latest Major Action: 1/28/2008: Referred to House committee. Status: 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.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc66"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc67"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 17659@http://www.washingtonwatch.com Tue, 29 Jan 2008 17:30:35 EST