Page:United States Statutes at Large Volume 122.djvu/636

 12 2 STA T .6 1 3PUBLIC LA W 11 0– 1 85—FE B. 13 , 2008 PublicLaw1 1 0– 1 85 110 thCongres s A n Act Topr o vide e c o n o m ic st im ul ust h rou g h recover y re ba tes to individuals , incentives f or business investment, and an increase in conforming and FHA loan limits .Beit e nac te dby t h e S enate and Hous eo fR e pr esentati v es of the U nited States of Am erica in C on g ress assemb l ed ,SECTION1. S H O R T TIT L E T AB LEO F CONTENTS. (a)SHORTTI T LE.— T hisActm a ybe cite d as the ‘ ‘ E c on omic Stim ul usActo f20 0 8’ ’. (b) T AB LEO FC O N TENT S .—The table of contents of this Act is as follo w s
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ec. 1 . Short title table of contents. T I T LE I —R E COV ER Y RE B ATES A ND INCENTIVES FOR B U SINESS INVEST M ENT Sec. 1 0 1. 2 00 8 recovery rebates for individuals. Sec. 102. Temporary increase in limitations on e x pensing of certain depreciable business assets. Sec. 10 3 . Special allo w ance for certain property ac q uired during 2008. TITLE II—HOUSIN G GSE AND FHA LOAN LIMITS Sec. 201. Temporary conforming loan limit increase for Fannie Mae and Freddie Mac. Sec. 202. Temporary loan limit increase for FHA. TITLE III—EMERGENCY DESIGNATION Sec. 301. Emergency designation. TI T LE I —R E COV ER Y RE BA TE S A ND IN - CENTIVES F ORB U SINESS INVEST- M ENT SEC. 1 0 1. 2 00 8 RECO V ER Y REBATES FOR IN D IVID U ALS. (a) I N G ENERAL.—Section 64 28 of the Inte r nal R e v enue Code of 19 86 is amended to read as follows: ‘ ‘SEC. 64 28. 2008 RECOVERY REBATES FOR INDIVIDUALS. ‘‘(a) IN GENERAL.—In the case of an eli g ible individual, there shall be allowed as a credit against the ta x im p osed by subtitle A for the first taxable year beginning in 2008 an amount e q ual to the lesser of— ‘‘(1) net income tax liability, or ‘‘(2) $ 600 ($1,200 in the case of a j oint return). ‘‘(b) S P E C IAL R U LES.— ‘‘(1) IN G ENERAL.—In the case of a taxpayer described in paragraph (2)— 26USC 6 4 2 8. 26 USC 1note . Ec ono mi c Stim ul u sA cto f 2 0 08. F e b .1 3, 2008 [H . R. 5 140 ]

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