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Bohmian.org - Discussion - Economic Stimulus Act of 2008 - m
m joined January 13, 2008 (logged-in March 11, 2020) <beez> Bitching where bitching is due -- and often where it is not.
m
posted January 19, 2009
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.