Bohmian.org - Discussion - Economic Stimulus Act of 2008

Economic Stimulus Act of 2008

The United States Congress passed the Economic Stimulus Act of 2008 in an attempt to mitigate the eminent recession caused by the fall of the United States housing market. The most well publicized aspect of the bill were the up-to $600 stimulus checks sent out shortly after 2007 tax returns were due. A criticism of the bill was a late amendment designed to restrict checks from going to immigrants, but also restricted checks going to, notably, many U.S. soldiers living abroad who had married foreigners.

Another aspect, aimed at encouraging new home purchases was a first-time homebuyer credit, which can be claimed as a credit on the 2008 taxes using IRS form 5405 for up to $7500.