Emergency Economic Stabilization Act of 2008 The first title of the act included The
Emergency Economic Stabilization Act of 2008 which created the Troubled Asset Relief Program in an effort to
bail out firms holding mortgage-backed securities and to restore liquidity to the credit markets.
Energy Improvement and Extension Act of 2008 The
Energy Improvement and Extension Act of 2008 create a new tax credit for qualified
plug-in hybrid electric vehicles "purchased between January 1, 2009, and December 31, 2014." This credit was phased out once 250,000 vehicles were sold. The credit is a base $2,500 plus $417 for each
kWh of battery pack capacity in excess of 4 kWh to a maximum of $15,000 for any vehicle with a
gross vehicle weight rating of more than and up to $7,500 for 12 kWh or more in passenger cars (vehicles up to ). The act also "extended production tax credits (PTC) and investment tax credits (ITC) for various renewable energy sources, which were due to expire at the end of 2008." Included extensions were "energy efficiency tax deductions for commercial buildings through 2013" as well as adding a $300 tax credit for the installation of "energy-efficient biomass fuel stoves" in homes during 2009. Other existing tax credits for
renewable energy initiatives, including
cellulosic ethanol and
biodiesel development, and
wind,
solar,
geothermal and
hydro-electric power were initiated. Electricity had its definition changed to be qualified as an alternative fuel. The Act keeps the
alternative minimum tax from hitting 20 million middle-income Americans. It provides $8 billion in tax relief for those hit by natural disasters in
the Midwest,
Texas and
Louisiana. • A temporary increase in
Federal Deposit Insurance Corporation deposit insurance limit from $100,000 to $250,000 until December 2009 • Tax breaks for businesses •
Tax credits for the use of
alternative energy and
plug-in hybrids • Tax credits for
research and development • Expansion of the
child tax credit • Protection from the
Alternative Minimum Tax • Tax reductions for victims of severe weather (e.g. tornadoes, floods, hurricanes) • Extension of
unemployment insurance • A USD $1,000 tax credit for low income homeowners • Tax breaks and credit extensions for the following: • "Certain wooden arrows designed for use by children" (Sec 503) •
Wool research (Sec. 325) •
Film and
television productions (Sec. 502) •
Litigants in the 1989 Exxon-Valdez oil spill (Sec. 504) •
Virgin Island and
Puerto Rican rum (Section 308) •
American Samoa (Sec. 309) • Mine rescue teams (Sec. 310) • Mine safety equipment (Sec. 311) • Domestic production activities in Puerto Rico (Sec. 312) • Indian tribes (Sec. 314, 315) • Railroads (Sec. 316) • Auto racing tracks (317) •
District of Columbia (Sec. 322)
Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008 The
Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008 (a part of Division C) mandates that if U.S.
health insurance companies provide coverage for mental health and substance abuse, the coverage must be equal for conditions such as
psychological disorders,
alcoholism, and
drug addiction. This act continues and expands upon the previous
Mental Health Parity Act of 1996. It states that financial requirements such as deductibles and copayments and lifetime or dollar limits to mental health benefits and substance abuse disorder benefits should be no more restrictive than those on medical and surgical benefits. MHPAEA applies to employer-sponsored health insurance plans with more than 50 employees, though parity is also extended to small group and individual plans under the
Affordable Care Act.
Secure Rural Schools and Community Self-Determination Act of 2000 The
Secure Rural Schools and Community Self-Determination Act of 2000 (a part of Division C) provided $1.645 billion (~$ in ) in funding over a four-year period for re-authorization of the aforementioned act. The funding was distributed to states "to improve cooperative relationships among—the people that use and care for Federal land". ==Cost==