Understanding the Economic Stimulus Act of 2008’s Impact on Taxes

February 12, 2008 The Legal Intelligencer

In response to fears that the United States economy is heading into recession, Congress passed, and the president is expected to sign, the Economic Stimulus Act of 2008 (H.R. 5140). The act includes a refundable tax credit for 2008, which will be rebated, in advance, for eligible individuals. The legislative history indicates that the issuance of the rebate checks is intended to deliver an "expedited fiscal stimulus" to the economy. The act also contains enhanced expensing and depreciation provisions for businesses purchasing equipment that is placed in service in 2008.

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