S. 3119: Economic Recovery Act of 2008
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S. 3119: Economic Recovery Act of 2008
110th Congress · introduced 2008-06-12 · Economics and Public Finance · Latest: Read twice and referred to the Committee on Finance.
federal
Follow this bill, step by step
- Where it came from: introduced 2008-06-12 · official record
- Who proposed it: Sen. Collins, Susan M. [R-ME] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
Economic Recovery Act of 2008
Plain summary
Economic Recovery Act of 2008 - Amends the Internal Revenue Code to: (1) allow a tax credit for up to $500 of the cost of replacing wood stoves in residences with stoves that meet certain energy efficiency standards; (2) extend through 2011 the tax credit for producing electricity from certain renewable resources; (3) extend through 2012 the tax credit for residential energy efficient property expenditures; (4) increase and make permanent the expensing allowance for depreciable business property; (5) extend through 2009 the accelerated depreciation of qualified restaurant property; and (6) allow a tax credit for investment in Build America bonds. Amends the Energy Conservation and Production Act to increase funding for the weatherization program in FY2009-FY2011. Authorizes appropriations for the Energy Star program. Authorizes the establishment of the Transportation Finance Corporation to issue Build America bonds and finance transportation infrastructure projects. Commercial Truck Fuel Savings Demonstration Act of 2008 - Establishes a two-year program to allow certain heavy trucks to travel on the federal interstate highway system when diesel fuel prices are $3.50 or more per gallon without a reduction of federal highway funds to states. Amends the Workforce Investment Act of 1998 to authorize appropriations for FY2009-FY2010 for: (1) youth activities; (2) adult employment and training activities; and (3) dislocated worker employment and training activities. Amends the National Housing Act to require the Secretary of Housing and Urban Development (HUD) to insure any homeownership retention mortgage covering a one- to four-family residence made to pay or prepay outstanding obligations under an existing mortgage.
Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.
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What does this mean? (plain words)
Official text
Economic Recovery Act of 2008
Source: Congressional Research Service summary (Introduced in Senate)
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Alternatives
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Sen. Collins, Susan M. [R-ME] · 0 cosponsors
Cost estimate: No cost estimate published yet.
Sponsor's campaign money: Sen. Collins, Susan M. [R-ME] reported raising $22.5 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Words on this page, explained (4)
- Appropriation
- Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
- Authorization
- A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
- Bond
- A way to borrow money. A government sells bonds to raise money now and promises to pay it back with interest over time. Bonds repaid from taxes often need voter approval.
- Obligation
- A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Plain meanings written from linked sources. All words.
Sources
- Congressional Research Service summary (Introduced in Senate)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110s3119.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/s>
Record fed-us-cong110-s3119 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110