H.R. 5142, The Family Economic Stimulus Act of 2008

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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H.R. 5142 would amend the Internal Revenue Code of 1986 to provide an economic stimulus for individuals.

Detailed Summary

Family Economic Stimulus Act of 2008 - Amends the Internal Revenue Code to: (1) exclude unemployment compensation from gross income in 2007 and 2008; (2) increase the child tax credit to $1,200 in 2008; (3) allow individual taxpayers a $400 tax rebate ($800 in the case of a joint return) in 2008; (4) extend unemployment insurance benefits; and (5) require states to distribute to unemployed individuals information about unemployment insurance eligibility conditions.

Status of the Legislation

Latest Major Action: 1/28/2008: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

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Points Against

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