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EESA Emergency Economic Stabilization Act of 2008 (Visit this siteExternal Link to EESA Emergency Economic Stabilization Act of 2008)

The Emergency Economic Stabilization Act of 2008 (EESA) passed the House by a vote of 263-171 and is now sitting on President Bush's desk waiting for his signature in the next day or two. It is the same bill that the Senate rushed though on Wednesday night.

Provisions that apply to individuals include the following:

  • * Allows federal agencies to modify troubled mortgage loans
  • * Extends current law tax forgiveness on the cancellation of mortgage debt
  • * Expands the amount of government insurance on individual bank deposits from $100,000 to $250,000.
  • * A provision that keeps the Alternative Minimum Tax from ensnaring an additional 22 million taxpayers in 2008
  • * Individual tax break extensions, including the tuition and property tax deductions
  • * Credit for owners of plug-in electric vehicles

Provisions of EESA that apply to businesses include the following:

  • * Limits excessive executive compensation for some companies
  • * Gives SEC Chairman authority to suspend mark-to-market accounting
  • * Extension of business tax incentives, including the research and development credit
  • * Extensions for wind and solar energy tax credits
  • * Incentives for carbon sequestration projects
  • * Deductions for restaurant and retail improvements
  • * Accelerated depreciation on business property for Indian Reservations
  • * Deductions for motorsports racing track facilities
  • * Benefits for movie and TV production

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Added: Fri Oct 03 2008
Last Modified: Wed Nov 19 2008

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