OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

HR 5140 - Economic Stimulus Plan - National Key Vote

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See How Your Politicians Voted

Title: Economic Stimulus Plan

Vote Smart's Synopsis:

Vote to pass a bill that provides tax credit rebates and increases federal mortgage 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 a $600 credit for a joint return) for taxpayers who have a qualified income of at least $3,000 (Sec. 101).
  • Defines "qualified income" as earned income, social security benefits for seniors and tier 1 railroad retirees, and certain veterans' compensations and pensions (Sec. 101).
  • Allows a $300 tax credit per child (Sec. 101).
  • Denies eligibility to undocumented immigrants (Sec. 101).
  • Appropriates an additional $266.31 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).

Full Bill Text

See How Your Politicians Voted

Title: Economic Stimulus Plan

Vote Smart's Synopsis:

Vote to pass a bill that provides tax credit rebates and increases federal mortgage 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 a $600 credit for a joint return) for taxpayers who have a qualified income of at least $3,000 (Sec. 101).
  • Defines "qualified income" as earned income, social security benefits for seniors and tier 1 railroad retirees, and certain veterans' compensations and pensions (Sec. 101).
  • Allows a $300 tax credit per child (Sec. 101).
  • Denies eligibility to undocumented immigrants (Sec. 101).
  • Appropriates an additional $266.31 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).

Full Bill Text

See How Your Politicians Voted

Title: Economic Stimulus Plan

Vote Smart's Synopsis:

Vote to pass a bill that provides tax credit rebates and increases federal mortgage 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).

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.

Full Bill Text

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