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National
Key Vote
Economic Stimulus Plan
Project Vote Smart's Synopsis:
Vote to pass a bill that provides tax credit rebates and increases federal mortgage loan limits.
NOTE: THIS VOTE WAS TAKEN UNDER A SUSPENSION OF THE RULES TO CUT OFF DEBATE EARLY AND VOTE TO PASS THE BILL, THEREBY REQUIRING A TWO-THIRDS MAJORITY FOR PASSAGE.
Official Title of Legislation:
HR 5140: To provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.
Highlights:
- Allows a tax credit in 2008 of an amount equal to an individual's net income tax liability or $600 (or $1,200 for a joint return), whichever is less (Sec. 101).
- Allows at least a $300 tax credit (or $600 for a joint return) for a taxpayer who earned an income of at least $3,000 (Sec. 101).
- Allows a $300 tax credit per child (Sec. 101).
- Appropriates an additional $251.13 million for the Department of Treasury, to remain available until September 30, 2009 (Sec. 101).
- Increases the limits on the maximum original principal obligation of mortgages for Fannie Mae and Freddie Mac, and for the Federal Housing Administration (Sec. 201, 202).
Link to Legislation: http://thomas.loc.gov/cgi-bin/query/z?c110:hr5140:
House Passage: 01/29/2008 : Bill Passed 385 - 35 (Roll no. 25)
NOTE: THIS VOTE WAS TAKEN UNDER A SUSPENSION OF THE RULES TO CUT OFF DEBATE EARLY AND VOTE TO PASS THE BILL, THEREBY REQUIRING A TWO-THIRDS MAJORITY FOR PASSAGE. Senate Passage With Amendment: 02/07/2008 : Bill Passed: 81 - 16 (Record Vote Number 10) House Concurrence Vote: 02/07/2008 : Concurrence Vote Passed: 380 - 34 (Roll no. 42) President Passage: 02/13/2008 : Signed Became Public Law Number 110-185
Sponsor: Rep. Pelosi, Nancy (D-CA)
Cosponsors: Rep. Bachus, Spencer (R-AL)
Rep. Becerra, Xavier (D-CA)
Rep. Blunt, Roy (R-MO)
Rep. Boehner, John (R-OH)
Rep. Clyburn, James (D-SC)
Rep. DeLauro, Rosa (D-CT)
| Rep. Emanuel, Rahm (D-IL) (out of office)
Rep. Frank, Barney (D-MA)
Rep. Granger, Kay (R-TX)
Rep. Hoyer, Steny (D-MD)
Rep. Larson, John (D-CT)
Rep. McCrery, James III (R-LA) (out of office)
| Rep. Miller, George (D-CA)
Rep. Obey, David Ross (D-WI)
Rep. Rangel, Charles (D-NY)
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PVS provides summaries for each version of the bill selected as a key vote. The summary does not necessarily reflect the final version of the bill. For further status information, call the Voter's Research Hotline at 1-888-VOTE-SMART (1-888-868-3762).
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