Summary: Division A: Emergency Economic Stabilization - Emergency Economic Stabilization Act of 2008 - Title I: Troubled Assets Relief Program - (Sec. 101) Authorizes the Secretary of the Treasury (Secretary) to establish the Troubled Asset Relief Program (TARP) to purchase troubled assets from any financial institution, in accordance with terms, conditions, policies, and procedures the Secretary develops.Directs the Secretary to establish within the Office of Domestic Finance of the Department of the Treasury an Office of Financial Stability, through which TARP shall be implemented.Authorizes the Secretary to: (1) designate financial institutions as financial agents of the federal government; and (2) establish vehicles to purchase, hold, and sell troubled assets and issue obligations.Directs the Secretary to prevent unjust enrichment of participating financial institutions, including any sale of a troubled asset (with certain exceptions) to the Secretary at a price higher than what the seller paid to purchase the asset. Exempts from this requirement any troubled assets acquired in a merger or acquisition, or a purchase of assets from a financial institution that is either under conservatorship or receivership, or that has initiated bankruptcy proceedings.(Sec. 102) Requires the Secretary, if TARP is established, to establish also a program to guarantee troubled assets originated or issued before March 14, 2008, including mortgage-backed securities.Establishes the Troubled Assets Insurance Financing Fund for deposit of premiums collected from participating financial institutions in order to fund such guarantee program.(Sec. 104) Establishes the Financial Stability Oversight Board to review and report to Congress on the authorities created under this Act and their effect in assisting American families in preserving home ownership, stabilizing financial markets, and protecting taxpayers.(Sec. 105) Requires the Secretary to report periodically to Congress regarding: (1) transactions (tranche reports); (2) purchases; (3) liabilities; and (4) the status of regulatory oversight over financial markets.(Sec. 106) Authorizes the Secretary to enter into financial transactions regarding any troubled asset purchased under this Act. Requires deposit into the Treasury of all revenues and proceeds from the sale of troubled assets.(Sec. 107) Authorizes the Secretary to waive specific provisions of the Federal Acquisition Regulation if urgent and compelling circumstances make compliance with them contrary to the public interest. Requires submission of such a waiver, and its justification, to certain congressional oversight committees.Requires the Secretary, in any solicitation or contract containing such a waiver, to develop and implement standards and procedures to ensure the inclusion and utilization of minorities and women, and minority- and women-owned businesses, in that solicitation or contract, including contracts to asset managers, servicers, property managers, and other service providers or expert consultants.Makes the Federal Deposit Insurance Corporation (FDIC) eligible for, and requires its consideration in, the selection of asset managers for residential mortgage loans and residential mortgage-backed securities. Requires the Secretary to reimburse the FDIC for any services rendered.(Sec. 108) Directs the Secretary to prescribe regulations or guidelines to address and manage or to prohibit conflicts-of-interest that may arise in connection with the administration and execution of the authorities under this Act.(Sec. 109) Directs the Secretary, to the extent that he or she acquires mortgages, mortgage-backed securities, and other assets secured by residential real estate, and the Federal Housing Finance Agency, as conservator of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), to implement a plan to maximize assistance for home owners and encourage the servicers of the underlying mortgages to take advantage of the HOPE for Homeowners Program under the National Housing Act or other available programs to minimize foreclosures. Authorizes the Secretary to use loan guarantees and credit enhancements to facilitate loan modifications to prevent avoidable foreclosures.(Sec. 110) Directs federal property managers (the Federal Housing Finance Agency, as conservator of Fannie Mae and Freddie Mac, the FDIC, and the Board of Governors of the Federal Reserve System), to the extent that they hold, own, or control mortgages, mortgage-backed securities, and other assets secured by residential real estate, including multifamily housing, to implement a plan that seeks to maximize assistance for homeowners and use its authority to encourage the servicers of the underlying mortgages to take advantage of the HOPE for Homeowners Program or other available programs to minimize foreclosures.(Sec. 111) Subjects any financial institution that sells troubled assets to the Secretary to specified executive compensation requirements.Directs the Secretary to require a financial institution to meet appropriate standards for executive compensation and corporate governance whenever: (1) the purposes of this Act are best met through direct purchases of troubled assets from an individual financial institution where no bidding process or market prices are available; and (2) the Secretary receives a meaningful equity or debt position in the financial institution as a result of the transaction.Requires such standards to include: (1) limits on compensation that exclude incentives for senior executive officers to take unnecessary and excessive risks that threaten the financial institution's value during the period the Secretary holds an equity or debt position in it; (2) a provision for the recovery by the financial institution of any bonus or incentive compensation paid to a senior executive officer based on statements of earnings, gains, or other criteria that are later proven to be materially inaccurate; and (3) a prohibition on the institution's making any golden parachute payment to its senior executive officer during the period that the Secretary holds an equity or debt position in the financial institution.Requires the Secretary, upon a determination that specified auction purchases of troubled assets best meet the purposes of this Act, to prohibit, for certain financial institutions, any new employment contract with a senior executive officer that provides a golden parachute in the event of an involuntary termination, bankruptcy filing, insolvency, or receivership.(Sec. 112) Instructs the Secretary to coordinate with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks.States that, to the extent the foreign entities hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under this title.(Sec. 113) Prescribes requirements for purchase and sale of assets by the Secretary, using market mechanisms, in a manner that will minimize any potential long-term negative impact on the taxpayer and maximize the return on investment for the federal government, including by making such purchases at the lowest price determined to be consistent with this Act. Authorizes the Secretary, if the Secretary determines that use of a market mechanism is not feasible or appropriate, and the purposes of the Act are best met through direct purchases from an individual financial institution, to pursue additional measures to ensure that prices paid are reasonable and reflect the asset's underlying value. Provides requirements for warrants and senior debt instruments. (Sec. 114) Requires the Secretary to: (1) make available to the public a description, amounts, and pricing of assets acquired under this Act within two business days of purchase, trade, or other disposition; and (2) determine whether the disclosure required of financial institutions that sell troubled assets to the Secretary with respect to off-balance sheet transactions, derivatives instruments, contingent liabilities, and similar sources of potential exposure adequately provides sufficient information to the public regarding the true financial position of the institutions (market transparency).Requires the Secretary to recommend additional disclosure requirements to the relevant regulators if disclosure pursuant to this market transparency requirement is not adequate for that purpose.(Sec. 115) Limits the Secretary's authority to purchase troubled assets under this Act to: (1) $250 billion outstanding at any one time; (2) $350 billion outstanding at any one time if, at any time, the President certifies to Congress that the Secretary needs to exercise authority for up to such an amount; and (3) $700 billion outstanding at any one time if, at any time after such a certification, the President reports to Congress a plan of the Secretary to exercise the authority authority for up to such an amount, unless Congress enacts a joint resolution of disapproval within 15 calendar days of transmission of the plan.Requires a joint resolution of disapproval to receive fast track consideration in the House and the Senate.(Sec. 116) Directs the Comptroller General to: (1) perform ongoing oversight of TARP activities and performance and its agents and representatives, including vehicles established by the Secretary under this Act; and (2) study and report to Congress on the extent to which leverage and sudden deleveraging of financial institutions was a factor behind the current financial crisis.(Sec. 118) Authorizes the Secretary to use proceeds from the sale of government bonds to pay the costs of administering authorities under this Act.Declares that funds expended or obligated by the Secretary for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of expenditure or obligation.(Sec. 119) Subjects the actions of the Secretary under this Act to judicial review, with specified limitations.(Sec. 120 Terminates the authorities under sections 101 and 102, with a certain exception, on December 31, 2009. Authorizes a two-year extension of such authorities if the Secretary submits a specified certification to Congress.(Sec. 121) Establishes the Office of the Special Inspector General for TARP to conduct oversight of the purchase, management, and sale of assets by the Secretary, including the management of any program established under this Act.(Sec. 122) Increases the statutory limit on the public debt to $11.315 trillion.(Sec. 124) Amends the National Housing Act, with respect to extinguishment of subordinate liens for refinanced mortgages, to authorize the Secretary to make payments, which shall be accepted as payment in full of all indebtedness to any holder of an existing subordinate mortgage in lieu of certain future appreciation payments.(Sec. 125) Establishes the Congressional Oversight Panel to review and report to Congress on the status of the financial markets and regulatory system.(Sec. 126) Amends the Federal Deposit Insurance Act to prohibit false advertising, misuse of Federal Deposit Insurance Corporation (FDIC) names, and misrepresentation of insured status.(Sec. 127) Requires the federal financial regulatory agencies to cooperate with the Federal Bureau of Investigation (FBI) and other law enforcement agencies investigating fraud, misrepresentation, and malfeasance regarding development, advertising, and sale of financial products.(Sec. 128) Amends the Financial Services Regulatory Relief Act of 2006 to accelerate from October 1, 2011, to October 1, 2008, the effective date for the Board of Governors of the Federal Reserve (Board) to: (1) pay interest on balances maintained at a Federal Reserve bank; and (2) employ increased flexibility to set reserve requirements for member banks.(Sec. 129) Instructs the Board to submit periodic updates to certain congressional committees regarding its exercise of loan authority.(Sec. 131) Directs the Secretary to reimburse the Exchange Stabilization Fund for any funds that are used for the Treasury Money Market Funds Guaranty Program for the U.S. money market mutual fund industry.Prohibits the Secretary from using the Exchange Stabilization Fund to establish any future guaranty programs for the U.S. money market mutual fund industry.(Sec. 132) Authorizes the Securities and Exchange Commission (SEC) to suspend application of Statement Number 157 (about mark-to-market accounting) of the Financial Accounting Standards Board.Instructs the SEC to study and report to Congress on the applicability of such standard to financial and depository institutions.(Sec. 133) Directs the SEC to study and report to Congress on Statement Number 157.(Sec. 134) Instructs the Director of the Office of Management and Budget (OMB) to report to Congress, after five years, on the net amount within TARP.Instructs the President, in case of a shortfall within TARP, to submit to Congress a legislative proposal that recoups from the financial industry an amount equal to such shortfall in order to ensure that TARP does not add to the deficit or national debt.(Sec. 136) Increases from $100,000 to $250,000, until December 31, 2009, the amount of deposit and share insurance coverage offered under the Federal Deposit Insurance Act and the Federal Credit Union Act.Title II: Budget-Related Provisions - (Sec. 201) Requires all information used by the Secretary in connection with activities authorized under this Act (including the records to which the Comptroller General is entitled) to be made available, upon request, to the Congressional Budget Office (CBO) and the Joint Committee on Taxation to assist congressional committees with conducting oversight, monitoring, and analysis of such authorized activities.(Sec. 202) Requires OMB to report to the President and Congress semiannually: (1) an estimate of the cost of troubled assets and their guarantees; (2) the information used to derive such estimate; and (3) a detailed analysis of how the estimate has changed from the previous report.Requires the second and each ensuing report to explain the differences between CBO's required estimate and prior OMB estimates.Requires CBO to assess and report to Congress on OMB's report, including: (1) the cost of the troubled assets and their guarantees; (2) the information and valuation methods used to calculate such cost; and (3) the impact on the deficit and the debt.Authorizes appropriations.(Sec. 203) Requires the President's annual budget request to Congress to include as supplementary materials a separate analysis of the budgetary effects for all prior fiscal years, the current fiscal year, the fiscal year for which the budget is submitted, and ensuing fiscal years of the Secretary's actions taken or to be taken using any authority provided in this Act.(Sec. 204) Designates all provisions of this Act as an emergency requirement necessary to meet emergency needs. Prohibits rescissions of any amounts provided in it from being counted for budget enforcement purposes.Title III: Tax Provisions - (Sec. 301) Provides for ordinary income or loss treatment of gain or loss from the sale or exchange of any applicable preferred stock by any applicable financial institution. Defines "applicable preferred stock" as preferred stock in Fannie Mae or Freddie Mac that was held on September 6, 2008, or that was sold or exchanged on or after January 1, 2008, and before September 7, 2008. Defines "applicable financial institution" as a banking, financial, or investment institution or a depository institution holding company. Allows the Secretary of the Treasury to apply ordinary gain or loss treatment to certain sales of preferred stock not held on September 6, 2008. Authorizes the Secretary to prescribe regulations to carry out this section. (Sec. 302) Denies certain employers whose assets have been purchased under the Troubled Asset Relief Program (TARP) a tax deduction for the payment of compensation or other benefits in excess of $500,000 to their executives or other highly compensated employees. Makes tax penalties for excess parachute payments applicable to employers who participate in TARP and their executives.(Sec. 303) Extends through 2012 the exclusion from gross income of income attributable to a discharge of indebtedness on a principal residence.Division B: Energy Improvement and Extension Act of 2008 - Energy Improvement and Extension Act of 2008 - Title I: Energy Production Incentives - Subtitle A: Renewable Energy Incentives - (Sec. 101) Extends through 2009 the tax credit for producing electricity from wind and refined coal facilities. Extends through 2010 such tax credit for other facilities, including closed and open-loop biomass, solar energy, small irrigation power, landfill gas, trash combustion, and hydropower. Modifies rules for and definitions of refined coal, trash and biomass facilities, and hydropower production.(Sec. 102) Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of the tax credit for producing electricity from renewable resources.(Sec. 103) Extends through 2016 the energy tax credit for solar energy, fuel cell, and microturbine property. Allows a new energy tax credit for combined heat and power system property. Increases to $1,500 the credit limitation for fuel cell property. Modifies energy tax credit rules to allow: (1) offsets of tax credit amounts against alternative minimum tax (AMT) liabilities; and (2) public utility property to qualify for such credit.(Sec. 104) Allows a new energy tax credit for 30% of expenditures for wind turbines used to generate electricity in a residence and for geothermal heat pump systems.(Sec. 106) Extends through 2016 the tax credit for residential energy efficient property. Eliminates the limitation on the tax credit for solar electric property. Allows a residential energy tax credit for 30% of small wind energy and geothermal heat pump property expenditures.(Sec. 107) Allows a new tax credit for investment in new clean renewable energy bonds for capital investment in renewable energy facilities.Extends through 2009 the authority to issue clean renewable energy bonds.(Sec. 108) Includes steel industry fuel as a renewable resource for purposes of the tax credit for producing electricity from renewable resources. Defines "steel industry fuel" as fuel that: (1) is produced by liquefying coal waste sludge and distributing it on coal; and (2) is used as a feedstock for the manufacture of coke. (Sec. 109) Extends through 2009 the deferral of tax on the gain on sales of transmission property by vertically-integrated electric utilities to independent transmission companies approved by the Federal Energy Regulatory Commission (FERC).Subtitle B: Carbon Mitigation and Coal Provisions - (Sec. 111) Allows a 30% investment tax credit rate for advanced coal-based generation technology projects and increases the maximum credit amounts allocable for such projects to $2.55 billion. Authorizes additional carbon energy projects, including projects for the capture and and sequestration of carbon dioxide. (Sec. 112) Increases to 30% the investment tax credit rate for coal gasification projects and the aggregate credit amount for such projects. (Sec. 113) Extends the excise tax on coal until the earlier of January 1, 2019, or the day after the first December 31 after December 31, 2007, on which there is no balance of repayable advances made to the Black Lung Disability Trust Fund and no unpaid interest on such advances. Makes a one-time appropriation to the Trust Fund to pay the difference between the market value of outstanding repayable advances (plus accrued interest) and the proceeds from the obligations issued by such Trust Fund to the Secretary of the Treasury.(Sec. 114) Sets forth special rules for refund claims of the coal excise tax by certain coal producers and exporters.(Sec. 115) Allows a new tax credit for carbon dioxide sequestration. (Sec. 116) Provides for the treatment of certain income and gains from industrial source carbon dioxide as qualifying income for publicly traded partnerships. (Sec. 117) Directs the Secretary of the Treasury to contract with the National Academy of Sciences for a comprehensive review of Internal Revenue Code provisions that have the largest effects on carbon and other greenhouse gas emissions and an estimate of the magnitude of such effects. Requires the Academy to report to Congress on the results of such study within two years after the enactment of this Act. Authorizes appropriations.Title II: Transportation and Domestic Fuel Security Provisions - (Sec. 201) Includes cellulosic biofuel within the definition of biomass ethanol plant property for purposes of the bonus depreciation allowance. (Sec. 202) Increases and extends through 2009 income and excise tax credits for biodiesel and renewable diesel used as fuel. (Sec. 203) Disqualifies foreign-produced fuel that is used or sold for use outside the United States from the income and excise tax credits for alcohol, biodiesel, and alternative fuel production. (Sec. 204) Extends through 2009 the excise tax credit for alternative fuel and fuel mixtures. Requires such fuels to include compressed or liquefied biomass gas and to meet certain carbon capture requirements. (Sec. 205) Allows a new tax credit for new qualified plug-in electric drive motor vehicles. Limits the amount of such credit based upon the gross vehicle weight rating of such vehicles. Terminates such credit after 2014.(Sec. 206) Allows an exclusion from the heavy truck excise tax for idling reduction devices and advanced insulation used in certain heavy trucks and trailers.(Sec. 207) Extends through 2010 the tax credit for alternative fuel vehicle refueling property expenditures. Includes electricity as a clean burning fuel for purposes of such credit. (Sec. 208) Provides for the treatment of certain income and gains from alcohol, biodiesel, and alternative fuels and mixtures as qualifying income for publicly traded partnerships. (Sec. 209) Extends through 2013 the taxpayer election to expense costs of certain refinery property. (Sec. 210) Extends the suspension of the taxable income limit on percentage depletion for oil and natural gas produced from marginal properties.(Sec. 211) Allows employees to exclude reimbursements for bicycle commuting expenses from gross income. Title III: Energy Conservation And Efficiency Provisions - (Sec. 301) Allows a new tax credit for investment in qualified energy conservation bonds for capital expenditures to reduce energy consumption in public buildings, implement green community programs, develop alternative and renewable energy sources, and promote mass commuting facilities. (Sec. 302) Extends through 2009 the tax credit for nonbusiness energy property expenditures. Includes energy-efficient biomass fuel stoves as property eligible for such tax credit. Modifies tax credit standards for water heaters, geothermal heat pumps, and energy efficiency improvements.(Sec. 303) Extends through 2013 the tax deduction for energy efficient commercial buildings.(Sec. 304) Extends through 2009 the tax credit for residential energy efficiency improvements.(Sec. 305) Modifies tax credit amounts and standards for energy efficient household appliances produced after 2007. (Sec. 306) Allows an accelerated 10-year recovery period for the depreciation of qualified smart electric meters and smart electric grid systems.(Sec. 307) Extends through FY2012 the authority to issue tax-exempt bonds for qualified green building and sustainable design projects.(Sec. 308) Allows a 50% depreciation allowance for reuse and recycling property used to collect, distribute, or recycle certain materials, including scrap, fibers, and metals.Title IV: Revenue Provisions - (Sec. 401) Reduces by 3% the tax deduction for income attributable to domestic production activities for taxpayers with income derived from activities related to oil, gas, or any primary products thereof.(Sec. 402) Revises the tax treatment of foreign oil and gas extraction income and foreign oil related income for purposes of the foreign tax credit. (Sec. 403) Includes within the reporting requirements of investment brokers the adjusted basis of any publicly traded security owned by customers of such brokers.(Sec. 404) Extends through 2009 the 0.2% Federal Unemployment Tax Act (FUTA) surtax.(Sec. 405) Increases the Oil Spill Liability Trust Fund financing rate and extends such rate through 2017.Division C: Tax Extenders and Alternative Minimum Tax Relief - Tax Extenders and Alternative Minimum Tax Relief Act of 2008 - Title I: Alternative Minimum Tax Relief - (Sec. 101) Amends the Internal Revenue Code to extend through 2008 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased AMT exemption amounts.Increases the AMT refundable credit amount for individuals who have long-term unused minimum tax credits from prior taxable years. Abates any underpayment of tax attributable to the application of special AMT rules for the treatment of incentive stock options.Title II: Extension of Individual Tax Provisions - (Sec. 201) Extends through 2009: (1) the tax deduction for state and local sales taxes in lieu of state and local income taxes; (2) the tax deduction for qualified tuition and related expenses; (3) the tax deduction for certain expenses of elementary and secondary school teachers; (4) the additional standard tax deduction from gross income for real property taxes; (5) tax-free distributions from individual retirement plans for charitable purposes; (6) the exemption from withholding of tax of interest-related and short-term capital gain dividends received from a regulated investment company (RIC) and the special rule for RIC stock held in the estate of a nonresident non-citizen; and (7) the inclusion of an RIC within the definition of "qualified investment entity" for income tax purposes.Title III: Extension of Business Tax Provisions - (Sec. 301) Extends through 2009: (1) the tax credit for increasing research activities; (2) the new markets tax credit; (3) the subpart F income exemption for active financing income; (4) special rules for related controlled foreign corporations and for the tax treatment of certain payments to tax-exempt organizations by a controlled subsidiary; (5) accelerated depreciation for qualified leasehold and restaurant improvements and for certain improvements to retail space; (6) the special rule for reductions in the basis of S corporation stock for charitable contributions of property; (7) the increase in alcohol excise taxes payable to Puerto Rico and the Virgin Islands; (8) the economic development credit for American Samoa; (9) tax incentives for mine rescue team training and advanced mine safety equipment; (10) the tax deduction for income attributable to domestic production activities in Puerto Rico; (11) issuance authority for qualified zone academy bonds; (12) the Indian employment tax credit; (13) accelerated depreciation of business property on Indian reservations and of motorsports racing track facilities; (14) the tax credit for railroad track maintenance; (15) expensing allowances for film and television production costs and for environmental remediation costs; (16) work opportunity tax credit eligibility for Hurricane Katrina employees (through August 28, 2009); (17) the increased rehabilitation tax credit for property in the Gulf Opportunity (GO) Zone; (18) the tax deduction for corporate contributions of computer technology and equipment for educational purposes; (19) tax incentives for investment in the District of Columbia; and (20) the expanded tax deductions for charitable contributions of food and book inventories by noncorporate taxpayers.(Sec. 325) Extends through 2014: (1) the suspension of tariff duties on certain wool products; and (2) the Wool Research, Promotion, and Development Trust Fund.Title IV: Extension of Tax Administration Provisions - (Sec. 401) Makes permanent the authority of the Internal Revenue Service (IRS) to: (1) conduct undercover operations; and (2) disclose tax return information related to terrorist activities.Title V: Additional Tax Relief and Other Tax Provisions - Subtitle A: General Provisions - (Sec. 501) Lowers in 2008 (from $10,000 to $8,500) the earned income threshold amount for determining the refundable portion of the child tax credit.(Sec. 502) Amends Internal Revenue Code provisions relating to the tax deduction for domestic film and television productions to: (1) include within the income base for such deduction compensation for services performed in the United States by actors, production personnel, directors, and producers and any copyrights, trademarks, or other intangibles with respect to a film production; and (2) allow a deduction for partners or S corporation shareholders who own at least a 20% interest in a film project.(Sec. 503) Exempts from the excise tax on bows and arrows certain shafts consisting of all natural wood that, after assembly, measure 5/16 of an inch or less in diameter and that are not suitable for use with bows that would otherwise be subject to such tax (having a peak draw weight of 30 pounds or more).(Sec. 504) Allows taxpayers who are plaintiffs in the civil action In re Exxon Valdez, No. 89-095-CV (HRH) (Consolidated) (D. Alaska), or their heirs or dependents, to: (1) elect to average, for income tax purposes, income received in settlement of such civil action; and (2) make a limited contribution of such settlement income to certain tax-exempt retirement plans in the year such income is received.(Sec. 505) Allows accelerated depreciation (i.e., five-year recovery period) for certain farming business machinery or equipment placed in service before January 1, 2010.(Sec. 506) Modifies the standards for imposing penalties on tax return preparers for understatements of tax to require: (1) substantial authority for a position with respect to an item on a tax return if such position was not disclosed with the return; and (2) a reasonable basis for a position that was disclosed with the return. Requires tax return preparers to have a reasonable belief that a position with respect to a tax shelter or a reportable transaction (a transaction having a potential for tax avoidance or evasion) will more likely than not be sustained on its merits.Subtitle B: Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008 - (Sec. 511) Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008 - Amends the Employee Retirement Income Security Act of 1974 (ERISA), the Public Health Service Act, and the Internal Revenue Code to require a group health plan that provides both medical and surgical benefits and mental health or substance use disorder benefits to ensure that: (1) the financial requirements, such as deductibles and copayments, applicable to such mental health or substance use disorder benefits are no more restrictive than the predominant financial requirements applied to substantially all medical and surgical benefits covered by the plan; (2) there are no separate cost sharing requirements that are applicable only with respect to mental health or substance use disorder benefits; (3) the treatment limitations applicable to such mental health or substance use disorder benefits are no more restrictive than the predominant treatment limitations applied to substantially all medical and surgical benefits covered by the plan; and (4) there are no separate treatment limitations that are applicable only with respect to mental health or substance use disorder benefits.Requires the criteria for medical necessity determinations and the reason for any denial of reimbursement or payment for services made under the plan with respect to mental health or substance use disorder benefits to be made available by the plan administrator.Requires the plan to provide out-of network coverage for mental health or substance use disorder benefits if the plan provides coverage for medical or surgical benefits provided by out-of network providers.Exempts from the requirements of this Act a group health plan if the application of this Act results in an increase for the plan year of the actual total costs of coverage with respect to medical and surgical benefits and mental health and substance use disorder benefits by an amount that exceeds 2% for the first plan year and 1% for each subsequent plan year. Requires determinations as to increases in actual costs under a plan to be made and certified by a qualified and licensed actuary. Requires determinations for such an exemption to be made after such plan has complied with this Act for the first six months of the plan year.Sets forth requirements for notifications of exemptions under this Act, including notification of the Secretary of Health and Human Services, the appropriate state agencies, and participants and beneficiaries in the plan.Authorizes the Secretary and the appropriate state agency to audit the books and records of a group health plan relating to an exemption.Directs the Secretary to: (1) report to the appropriate congressional committees on compliance of group health plans with the requirements of this Act; and (2) publish guidance and information concerning the requirements of this Act and provide assistance concerning such requirements and the continued operation of applicable state law. Requires the Comptroller General to report to Congress on the specific rates, patterns, and trends in coverage and exclusion of specific mental health and substance use disorder diagnoses by health plans and health insurance.Title VI: Other Provisions - (Sec. 601) Revises the provisions of the Secure Rural Schools and Community Self-Determination Act of 2000.Provides for: (1) calculating payments to eligible states, counties, and territories for FY2008-FY2011 and; (2) the making of transition payments for FY2008-FY2010 to California, Louisiana, Oregon, Pennsylvania, South Carolina, South Dakota, Texas, and Washington. Sets forth distribution, election, and expenditure rules.Permits eligible electing counties to expend a portion of funds received for the protection, restoration, and enhancement of fish and wildlife habitat, and other consistent resource objectives upon project approval.Sets forth requirements for a merchantable timber contracting pilot program.Revises provisions concerning resource advisory committees and the use and availability of project funds for projects submitted by such committees. Terminates authority to initiate projects on September 30, 2011.Revises provisions for the use of county funds for certain projects. Requires certification by participating counties that county funds have been expended only for authorized uses. Terminates authority to initiate such projects on September 30, 2011.Authorizes appropriations for FY2008-FY2011 to carry out the Secure Rural Schools and Community Self-Determination Act of 2000.Amends the Act of May 23, 1908, and the Weeks Law to prescribe that an amount equal to the annual average of 25% of all amounts received for the applicable fiscal year and each of the preceding six fiscal years from each national forest (under current law, 25% of all moneys received during any fiscal year) be paid at the end of such year to eligible states and counties for the benefit of public schools and public roads in which such forests are situated.Amends federal law regarding payment in lieu of taxes to provide, for FY2008-FY2012, for each county or other eligible unit of local government to be entitled to payment for entitlement land (certain land owned by the U.S. government).(Sec. 602) Amends the Surface Mining Control and Reclamation Act of 1977 to require the transfer of $9 million on October 1, 2010, to the United Mine Workers of America Combined Benefit Fund to provide for refunds of certain health benefit premiums, death benefit premiums, and unassigned beneficiaries premiums.Title VII: Disaster Relief - Subtitle A: Heartland and Hurricane Ike Disaster Relief - Heartland Disaster Tax Relief Act of 2008 - (Sec. 702) Makes certain provisions of the Internal Revenue Code providing tax benefits to residents of the Gulf Opportunity (GO) Zone and the Hurricane Katrina disaster areas, including provisions for tax-exempt bond financing, the low-income housing tax credit, an increased rehabilitation tax credit, education and housing tax benefits, employee retention tax credits, and tax-exempt bond financing, applicable to residents of the Midwestern disaster area on a similar basis. Defines "Midwestern disaster area" as an area in which a major disaster has been declared by the President on or after May 20, 2008, and before August 1, 2008, under the Robert T. Stafford Disaster Relief and Emergency Assistance Act by reason of severe storms, tornados, or flooding occurring in any of the states of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, and Wisconsin. (Sec. 703) Includes within the reporting requirements of tax-exempt public charities information about disaster relief activities and contributions received for those purposes. (Sec. 704) Extends through 2010 tax-exempt bond financing and low-income housing tax credit benefits to the Hurricane Ike disaster area. Defines the "Hurricane Ike disaster area" as an area in Texas or Louisiana that was declared a major disaster area by the President by reason of Hurricane Ike and that was determined by the President to warrant federal assistance.Subtitle B: National Disaster Relief - (Sec. 706) Waives the 10% adjusted gross income limitation on personal casualty losses for losses sustained from a federally declared disaster occurring before January 1, 2010. Defines "federally declared disaster" as any disaster determined by the President to warrant federal assistance under the Robert T. Stafford Relief and Emergency Assistance Act. Increases the standard tax deduction by a taxpayer's net disaster loss (i.e., personal casualty losses in a disaster area over personal casualty gains). Increases until December 31, 2009, the threshold for deductible casualty losses (from $100 to $500).(Sec. 707) Allows the expensing of business-related costs incurred due to a federally declared disaster for: (1) the abatement or control of hazardous substances; (2) removal of debris or demolition of damaged structures; or (3) repair of damaged property.(Sec. 708) Provides for a five-year carryback period for net operating losses attributable to a federally declared disaster. Allows such losses as a deduction in computing alternative minimum taxable income.(Sec. 709) Modifies certain mortgage revenue bond requirements for principal residences damaged or destroyed in a federally declared disaster occurring before January 1, 2010.(Sec. 710) Allows accelerated depreciation and increases the expensing allowance for qualified disaster assistance property. Defines "qualified disaster assistance property" to include nonresidential real or residential rental property in a federally declared disaster area.Title VIII: Spending Reductions and Appropriate Revenue Raisers for New Tax Relief Policy - (Sec. 801) Requires the inclusion in gross income for income tax purposes of employee compensation deferred under a nonqualified deferred compensation plan of a nonqualified entity when there is no substantial risk of forfeiture of the rights to such compensation. Defines "nonqualified entity" as any foreign corporation unless substantially all of its income is: (1) effectively connected with a trade or business in the United States; or (2) subject to a comprehensive foreign income tax. Includes certain partnerships within such definition.

division emergency economic stabilization emergency_economic_stabilization_act title troubled assets relief program sec authorizes secretary treasury secretary establish troubled_asset_relief_program tarp purchase troubled assets financial institution accordance terms conditions policies procedures secretary develops directs secretary establish office domestic finance department_of_the_treasury office financial stability tarp shall implemented authorizes secretary designate financial institutions financial agents federal_government establish vehicles purchase hold sell troubled assets issue obligations directs secretary prevent unjust enrichment participating financial institutions including sale troubled asset certain exceptions secretary price higher seller paid purchase asset exempts requirement troubled assets acquired merger acquisition purchase assets financial institution conservatorship receivership initiated bankruptcy requires secretary tarp established establish program guarantee troubled assets originated issued march including mortgage backed securities establishes troubled assets insurance financing fund deposit premiums collected participating financial institutions order fund guarantee establishes financial stability oversight board review report congress authorities created act effect assisting american families preserving home ownership stabilizing financial markets protecting requires secretary report periodically congress transactions reports purchases liabilities status regulatory oversight financial authorizes secretary enter financial transactions troubled asset purchased act requires deposit treasury revenues proceeds sale troubled authorizes secretary waive specific provisions federal_acquisition_regulation urgent compelling circumstances compliance contrary public interest requires submission waiver justification certain congressional oversight committees requires secretary solicitation contract containing waiver develop implement standards procedures ensure inclusion utilization minorities women women owned businesses solicitation contract including contracts asset managers servicers property managers service providers expert consultants makes federal_deposit_insurance_corporation fdic eligible requires consideration selection asset managers residential mortgage loans residential mortgage backed securities requires secretary reimburse fdic services directs secretary prescribe regulations guidelines address manage prohibit conflicts interest arise connection administration execution authorities directs secretary extent acquires mortgages mortgage backed securities assets secured residential real estate federal_housing_finance_agency conservator federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac implement plan maximize assistance home owners encourage servicers underlying mortgages advantage hope homeowners_program national housing act available programs minimize foreclosures authorizes secretary use loan guarantees credit enhancements facilitate loan modifications prevent directs federal property managers federal_housing_finance_agency conservator fannie_mae freddie_mac fdic board_of_governors federal_reserve_system extent hold control mortgages mortgage backed securities assets secured residential real estate including multifamily housing implement plan seeks maximize assistance homeowners use authority encourage servicers underlying mortgages advantage hope homeowners_program available programs minimize subjects financial institution sells troubled assets secretary specified executive compensation requirements directs secretary require financial institution meet appropriate standards executive compensation corporate governance purposes act best met direct purchases troubled assets individual financial institution bidding process market prices available secretary receives meaningful equity debt position financial institution result transaction requires standards include limits compensation exclude incentives senior executive officers unnecessary excessive risks threaten financial institution value period secretary holds equity debt position provision recovery financial institution bonus incentive compensation paid senior executive officer based statements earnings gains criteria later proven materially inaccurate prohibition institution making golden parachute payment senior executive officer period secretary holds equity debt position financial institution requires secretary determination specified auction purchases troubled assets best meet purposes act prohibit certain financial institutions new employment contract senior executive officer provides golden parachute event involuntary termination bankruptcy filing insolvency instructs secretary coordinate foreign financial authorities central banks work establishment similar programs authorities central banks states extent foreign entities hold troubled assets result extending financing financial institutions failed defaulted financing troubled assets qualify purchase prescribes requirements purchase sale assets secretary market mechanisms manner minimize potential long term negative impact taxpayer maximize return investment federal_government including making purchases lowest price determined consistent act authorizes secretary secretary determines use market mechanism feasible appropriate purposes act best met direct purchases individual financial institution pursue additional measures ensure prices paid reasonable reflect asset underlying value provides requirements warrants senior debt instruments sec requires secretary available public description amounts pricing assets acquired act business days purchase trade disposition determine disclosure required financial institutions sell troubled assets secretary respect balance sheet transactions derivatives instruments contingent liabilities similar sources potential exposure adequately provides sufficient information public true financial position institutions market secretary recommend additional disclosure requirements relevant regulators disclosure pursuant market transparency requirement adequate limits secretary authority purchase troubled assets act billion outstanding time billion outstanding time time president certifies congress secretary needs exercise authority billion outstanding time time certification president reports congress plan secretary exercise authority authority congress enacts joint resolution disapproval calendar days transmission plan requires joint resolution disapproval receive fast track consideration house directs comptroller_general perform ongoing oversight tarp activities performance agents representatives including vehicles established secretary act study report congress extent leverage sudden financial institutions factor current financial authorizes secretary use proceeds sale government bonds pay costs administering authorities act declares funds expended obligated secretary actions authorized act including payment administrative expenses shall deemed appropriated time expenditure subjects actions secretary act judicial review specified terminates authorities sections certain exception december authorizes year extension authorities secretary submits specified certification establishes office special inspector_general tarp conduct oversight purchase management sale assets secretary including management program established increases statutory limit public debt amends national housing act respect extinguishment subordinate liens refinanced mortgages authorize secretary payments shall accepted payment indebtedness holder existing subordinate mortgage lieu certain future appreciation establishes congressional_oversight_panel review report congress status financial markets regulatory amends federal_deposit_insurance_act prohibit false advertising misuse federal_deposit_insurance_corporation fdic names misrepresentation insured requires federal financial regulatory agencies cooperate federal_bureau_of_investigation fbi law enforcement agencies investigating fraud misrepresentation development advertising sale financial amends financial_services regulatory relief_act accelerate october october effective date board_of_governors federal_reserve board pay interest balances maintained federal_reserve_bank employ increased flexibility set reserve requirements member instructs board submit periodic updates certain congressional committees exercise loan directs secretary reimburse exchange stabilization fund funds treasury money market funds guaranty program money market mutual fund industry prohibits secretary exchange stabilization fund establish future guaranty programs money market mutual fund authorizes securities_and_exchange_commission sec suspend application statement number mark market accounting financial accounting standards board instructs sec study report congress applicability standard financial depository directs sec study report congress statement number instructs director office_of_management_and_budget omb report congress years net president case shortfall tarp submit congress legislative proposal financial industry equal shortfall order ensure tarp add deficit national increases december deposit share insurance coverage offered federal_deposit_insurance_act federal_credit_union_act title budget related provisions sec requires information secretary connection activities authorized act including records comptroller_general entitled available request congressional_budget_office cbo joint_committee_on_taxation assist congressional committees conducting oversight monitoring analysis authorized requires omb report president congress semiannually estimate cost troubled assets guarantees information derive estimate detailed analysis estimate changed previous report requires second ensuing report explain differences cbo required estimate prior omb estimates requires cbo assess report congress omb report including cost troubled assets guarantees information valuation methods calculate cost impact deficit debt authorizes requires president annual budget request congress include supplementary materials separate analysis budgetary effects prior fiscal years current fiscal year fiscal year budget submitted ensuing fiscal years secretary actions taken taken authority provided designates provisions act emergency requirement necessary meet emergency needs prohibits rescissions amounts provided counted budget enforcement purposes title iii tax provisions sec provides ordinary income loss treatment gain loss sale exchange applicable preferred stock applicable financial institution defines applicable preferred stock preferred stock fannie_mae freddie_mac held september sold exchanged january september defines applicable financial institution banking financial investment institution depository institution holding company allows secretary treasury apply ordinary gain loss treatment certain sales preferred stock held september authorizes secretary prescribe regulations carry section sec denies certain employers assets purchased troubled_asset_relief_program tarp tax deduction payment compensation benefits excess executives highly compensated employees makes tax penalties excess parachute payments applicable employers participate tarp extends exclusion gross income income attributable discharge indebtedness principal residence division energy improvement extension act energy improvement extension act title energy production incentives subtitle renewable energy incentives sec extends tax credit producing electricity wind refined coal facilities extends tax credit facilities including closed open loop biomass solar energy small irrigation power landfill gas trash combustion hydropower modifies rules definitions refined coal trash biomass facilities hydropower includes marine hydrokinetic renewable energy renewable resource purposes tax credit producing electricity renewable extends energy tax credit solar energy fuel cell microturbine property allows new energy tax credit combined heat power system property increases credit limitation fuel cell property modifies energy tax credit rules allow offsets tax credit amounts alternative minimum tax amt liabilities public utility property qualify allows new energy tax credit expenditures wind turbines generate electricity residence geothermal heat pump extends tax credit residential energy efficient property eliminates limitation tax credit solar electric property allows residential energy tax credit small wind energy geothermal heat pump property allows new tax credit investment new clean renewable energy bonds capital investment renewable energy facilities extends authority issue clean renewable energy includes steel industry fuel renewable resource purposes tax credit producing electricity renewable resources defines steel industry fuel fuel produced coal waste sludge distributing coal feedstock manufacture coke sec extends deferral tax gain sales transmission property integrated electric utilities independent transmission companies approved federal_energy_regulatory_commission carbon mitigation coal provisions sec allows investment tax credit rate advanced coal based generation technology projects increases maximum credit amounts allocable projects billion authorizes additional carbon energy projects including projects capture sequestration carbon dioxide sec increases investment tax credit rate coal gasification projects aggregate credit projects sec extends excise tax coal earlier january day december december balance repayable advances black lung disability trust_fund unpaid interest advances makes time appropriation trust_fund pay difference market value outstanding repayable advances plus accrued interest proceeds obligations issued trust_fund secretary sets forth special rules refund claims coal excise tax certain coal producers allows new tax credit carbon dioxide sequestration sec provides treatment certain income gains industrial source carbon dioxide qualifying income publicly traded partnerships sec directs secretary treasury contract national_academy_of_sciences comprehensive review internal_revenue_code provisions largest effects carbon greenhouse gas emissions estimate magnitude effects requires academy report congress results study years enactment act authorizes appropriations title transportation domestic fuel security provisions sec includes cellulosic biofuel definition biomass ethanol plant property purposes bonus depreciation allowance sec increases extends income excise tax credits biodiesel renewable diesel fuel sec disqualifies foreign produced fuel sold use outside united_states income excise tax credits alcohol biodiesel alternative fuel production sec extends excise tax credit alternative fuel fuel mixtures requires fuels include compressed liquefied biomass gas meet certain carbon capture requirements sec allows new tax credit new qualified plug electric drive motor vehicles limits credit based gross vehicle weight rating vehicles terminates credit allows exclusion heavy truck excise tax idling reduction devices advanced insulation certain heavy trucks extends tax credit alternative fuel vehicle refueling property expenditures includes electricity clean burning fuel purposes credit sec provides treatment certain income gains alcohol biodiesel alternative fuels mixtures qualifying income publicly traded partnerships sec extends taxpayer election expense costs certain refinery property sec extends suspension taxable income limit percentage depletion oil natural gas produced marginal allows employees exclude reimbursements bicycle commuting expenses gross income title iii energy conservation efficiency provisions sec allows new tax credit investment qualified energy conservation bonds capital expenditures reduce energy consumption public buildings implement green community programs develop alternative renewable energy sources promote mass commuting facilities sec extends tax credit nonbusiness energy property expenditures includes energy efficient biomass fuel stoves property eligible tax credit modifies tax credit standards water heaters geothermal heat pumps energy efficiency extends tax deduction energy efficient commercial extends tax credit residential energy efficiency modifies tax credit amounts standards energy efficient household appliances produced sec allows accelerated year recovery period depreciation qualified smart electric meters smart electric grid extends fy2012 authority issue tax exempt bonds qualified green building sustainable design allows depreciation allowance reuse recycling property collect distribute recycle certain materials including fibers metals title revenue provisions sec reduces tax deduction income attributable domestic production activities taxpayers income derived activities related oil gas primary products revises tax treatment foreign oil gas extraction income foreign oil related income purposes foreign tax credit sec includes reporting requirements investment brokers adjusted basis publicly traded security owned customers extends federal unemployment tax act futa increases oil_spill_liability_trust_fund financing rate extends rate tax extenders alternative minimum tax relief tax extenders alternative minimum tax relief_act title alternative minimum tax relief sec amends_the_internal_revenue_code extend individual taxpayers offset nonrefundable personal tax credits regular alternative minimum tax amt liability increased amt exemption amounts increases amt refundable credit individuals long term unused minimum tax credits prior taxable years underpayment tax attributable application special amt rules treatment incentive stock options title extension individual tax provisions sec extends tax deduction state local sales taxes lieu state local income taxes tax deduction qualified tuition related expenses tax deduction certain expenses elementary secondary school teachers additional standard tax deduction gross income real property taxes tax free distributions individual retirement plans charitable purposes exemption withholding tax interest related short term capital gain dividends received regulated investment company ric special rule ric stock held estate nonresident non citizen inclusion ric definition qualified investment entity income tax purposes title iii extension business tax provisions sec extends tax credit increasing research activities new markets tax credit subpart income exemption active financing income special rules related controlled foreign corporations tax treatment certain payments tax exempt organizations controlled subsidiary accelerated depreciation qualified leasehold restaurant improvements certain improvements retail space special rule reductions basis corporation stock charitable contributions property increase alcohol excise taxes payable puerto_rico virgin_islands economic development credit american_samoa tax incentives rescue team training advanced safety equipment tax deduction income attributable domestic production activities puerto_rico issuance authority qualified zone academy bonds indian_employment tax credit accelerated depreciation business property indian reservations motorsports racing track facilities tax credit railroad track maintenance expensing allowances film television production costs environmental remediation costs work opportunity tax credit eligibility hurricane katrina employees august increased rehabilitation tax credit property gulf_opportunity zone tax deduction corporate contributions computer technology equipment educational purposes tax incentives investment district_of_columbia expanded tax deductions charitable contributions food book inventories noncorporate extends suspension tariff duties certain wool products wool research promotion development trust_fund title extension tax administration provisions sec makes permanent authority internal_revenue_service irs conduct undercover operations disclose tax return information related terrorist activities title additional tax relief tax provisions subtitle general_provisions sec lowers earned income threshold determining refundable portion child tax amends internal_revenue_code provisions relating tax deduction domestic film television productions include income base deduction compensation services performed united_states actors production personnel directors producers copyrights trademarks respect film production allow deduction partners corporation shareholders interest film exempts excise tax bows arrows certain shafts consisting natural wood assembly measure diameter suitable use bows subject tax having peak draw weight pounds allows taxpayers plaintiffs civil action valdez consolidated alaska heirs dependents elect average income tax purposes income received settlement civil action limited contribution settlement income certain tax exempt retirement plans year income allows accelerated depreciation year recovery period certain farming business machinery equipment placed service january modifies standards imposing penalties tax return preparers understatements tax require substantial authority position respect item tax return position disclosed return reasonable basis position disclosed return requires tax return preparers reasonable belief position respect tax shelter reportable transaction transaction having potential tax avoidance evasion likely sustained merits subtitle paul mental health parity addiction equity act sec paul mental health parity addiction equity act amends employee retirement income security act erisa public_health_service_act internal_revenue_code require group health plan provides medical surgical benefits mental health substance use disorder benefits ensure financial requirements deductibles copayments applicable mental health substance use disorder benefits restrictive predominant financial requirements applied substantially medical surgical benefits covered plan separate cost sharing requirements applicable respect mental health substance use disorder benefits treatment limitations applicable mental health substance use disorder benefits restrictive predominant treatment limitations applied substantially medical surgical benefits covered plan separate treatment limitations applicable respect mental health substance use disorder benefits requires criteria medical necessity determinations reason denial reimbursement payment services plan respect mental health substance use disorder benefits available plan administrator requires plan provide network coverage mental health substance use disorder benefits plan provides coverage medical surgical benefits provided network providers exempts requirements act group health plan application act results increase plan year actual total costs coverage respect medical surgical benefits mental health substance use disorder benefits exceeds plan year subsequent plan year requires determinations increases actual costs plan certified qualified licensed actuary requires determinations exemption plan complied act months plan year sets forth requirements notifications exemptions act including notification secretary health_and_human_services appropriate state agencies participants beneficiaries plan authorizes secretary appropriate state agency audit books records group health plan relating exemption directs secretary report appropriate congressional committees compliance group health plans requirements act publish guidance information concerning requirements act provide assistance concerning requirements continued operation applicable state law requires comptroller_general report congress specific rates patterns trends coverage exclusion specific mental health substance use disorder diagnoses health plans health insurance title provisions sec revises provisions secure_rural_schools community self determination act calculating payments eligible states counties territories fy2008 fy2011 making transition payments fy2008 fy2010 california louisiana oregon pennsylvania south_carolina south_dakota texas washington sets forth distribution election expenditure rules permits eligible electing counties expend portion funds received protection restoration enhancement fish wildlife habitat consistent resource objectives project approval sets forth requirements merchantable timber contracting pilot program revises provisions concerning resource advisory committees use availability project funds projects submitted committees terminates authority initiate projects september provisions use county funds certain projects requires certification participating counties county funds expended authorized uses terminates authority initiate projects september appropriations fy2008 fy2011 carry secure_rural_schools community self determination act act weeks law prescribe equal annual average amounts received applicable fiscal year preceding fiscal years national_forest current law moneys received fiscal year paid end year eligible states counties benefit public schools public roads forests situated amends federal law payment lieu taxes provide fy2008 fy2012 county eligible unit local government entitled payment entitlement land certain land owned amends surface_mining_control_and_reclamation_act require transfer million october united_mine_workers_of_america combined benefit fund provide refunds certain health benefit premiums death benefit premiums beneficiaries premiums title vii disaster relief subtitle hurricane ike disaster relief disaster tax relief_act sec makes certain provisions internal_revenue_code providing tax benefits residents gulf_opportunity zone hurricane katrina disaster areas including provisions tax exempt bond financing low income housing tax credit increased rehabilitation tax credit education housing tax benefits employee retention tax credits tax exempt bond financing applicable residents disaster area similar basis defines disaster area area major disaster declared president august robert stafford disaster relief emergency assistance_act reason severe storms flooding occurring states arkansas illinois indiana iowa kansas michigan minnesota missouri nebraska wisconsin sec includes reporting requirements tax exempt public charities information disaster relief activities contributions received purposes sec extends tax exempt bond financing low income housing tax credit benefits hurricane ike disaster area defines hurricane ike disaster area area texas louisiana declared major disaster area president reason hurricane ike determined president warrant federal assistance subtitle national disaster relief sec waives adjusted gross income limitation personal casualty losses losses sustained federally declared disaster occurring january defines federally declared disaster disaster determined president warrant federal assistance robert stafford relief emergency assistance_act increases standard tax deduction taxpayer net disaster loss personal casualty losses disaster area personal casualty gains increases december threshold deductible casualty losses allows expensing business related costs incurred federally declared disaster abatement control hazardous substances removal debris demolition damaged structures repair damaged provides year carryback period net operating losses attributable federally declared disaster allows losses deduction computing alternative minimum taxable modifies certain mortgage revenue bond requirements principal residences damaged destroyed federally declared disaster occurring january allows accelerated depreciation increases expensing allowance qualified disaster assistance property defines qualified disaster assistance property include nonresidential real residential rental property federally declared disaster area title viii spending reductions appropriate revenue new tax relief policy sec requires inclusion gross income income tax purposes employee compensation deferred nonqualified deferred compensation plan nonqualified entity substantial risk forfeiture rights compensation defines nonqualified entity foreign corporation substantially income effectively connected trade business united_states subject comprehensive foreign income tax includes certain partnerships definition


Summary: Business Activity Tax Simplification Act of 2008- Expands the federal prohibition against state taxation of interstate commerce to: (1) include taxation of out-of-state transactions involving all forms of property, including intangible personal property and services (currently, only sales of tangible personal property are protected); and (2) prohibit state taxation of an out-of-state entity unless such entity has a physical presence in the taxing state. Sets forth criteria for determining that a person has a physical presence in a state.

business activity tax simplification act expands federal prohibition state taxation interstate commerce include taxation state transactions involving forms property including intangible personal property services currently sales tangible personal property protected prohibit state taxation state entity entity physical presence taxing state sets forth criteria determining person physical presence state


Summary: Private Property Rights Protection and Government Accountability Act - Makes any state or political subdivision thereof that carries out a public taking for any private purpose in or affecting interstate commerce ineligible for any federal economic development funds for ten fiscal years. Entitles any owner of private property subject to such a taking to injunctive and declaratory relief. Authorizes appropriations for the Department of Commerce for FY2009-FY2013.

Civil rights and liberties, minority issues

private property rights protection government accountability_act makes state political subdivision thereof carries public taking private purpose affecting interstate commerce ineligible federal economic development funds fiscal years entitles owner private property subject taking injunctive declaratory relief authorizes appropriations department_of_commerce fy2009 fy2013


Summary: Free Market Protection Act of 2008 - Government-Sponsored Enterprises Free Market Reform Act of 2008 - Directs the Director of the Federal Housing Finance Agency (FHFA) to: (1) determine the financial viability of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs); (2) terminate the conservatorship of a GSE that is financially viable; or (3) appoint the FHFA as receiver for a GSE that is not financially viable. Amends the Housing and Community Development Act of 1992 to limit the mortgage assets held by a GSE upon its emergence from conservatorship, including an increase in its minimum capital requirements. Amends the Economic Stimulus Act of 2008 to repeal the temporary increase in conforming loan limits applicable to the GSEs.Prohibits the GSEs from purchasing mortgages that exceed the median area home price.Requires the GSEs to pay state and local taxes.Directs the Comptroller General to study and report to Congress on recoupment of costs for the federal guarantee regarding the GSEs. Requires the wind down of operations and dissolution of a GSE whose charter has not been renewed. Price Stability Act of 2008 - Amends the Federal Reserve Act to direct the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to: (1) establish an explicit numerical definition of "price stability"; and (2) maintain a monetary policy that promotes long-term price stability. Repeals the Full Employment and Balanced Growth Act of 1978 (Humphrey-Hawkins Act).Amends the Employment Act of 1946 and the Congressional Budget Act of 1974 to reflect the changes made by this Act. Amends the Internal Revenue Code to: (1) prescribe a temporary zero percent capital gains rate for individuals and corporations; (2) substitute an indexed basis for the adjusted basis of certain assets in order to determine gain or loss upon disposition; (3) provide a five-year carryback of certain losses for taxable years ending during 2007, 20008, and 2009; and (4) modify the deduction for dividends received from controlled foreign corporations. Directs the Securities and Exchange Commission to suspend the application of fair value reporting standards to troubled assets held by financial institutions. Directs the General Accountability Office to analyze and report to certain congressional committees on the effect of fair value accounting standards upon financial institutions. Makes the Secretary of the Treasury responsible to determine the terms of a program to insure payment of up to 100% of principal and interest on each mortgage-backed security held by a financial institution on or before September 24, 2008. Establishes a Mortgage-Backed Securities Fund. Treats gain or loss from the sale or exchange of preferred GSE stock by specified financial institutions as ordinary income or loss. Requires an officer of an institution to pay to the Department of the Treasury any funds received as incentive-based or equity-based compensation during a specified period before the year in which the institution is subject to government intervention.

free market protection act government sponsored enterprises free market reform_act directs director federal_housing_finance_agency fhfa determine financial viability federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses terminate conservatorship gse financially viable appoint fhfa receiver gse financially viable amends housing_and_community_development_act limit mortgage assets held gse conservatorship including increase minimum capital requirements amends economic stimulus act repeal temporary increase conforming loan limits applicable gses prohibits gses purchasing mortgages exceed median area home price requires gses pay state local taxes directs comptroller_general study report congress recoupment costs federal guarantee gses requires wind operations dissolution gse charter renewed price stability act amends federal_reserve_act direct board_of_governors federal_reserve_system federal_open_market_committee establish explicit numerical definition price stability maintain monetary policy promotes long term price stability repeals employment balanced growth act employment act congressional_budget_act reflect changes act amends_the_internal_revenue_code prescribe temporary zero percent capital gains rate individuals corporations substitute indexed basis adjusted basis certain assets order determine gain loss disposition provide year carryback certain losses taxable years ending modify deduction dividends received controlled foreign corporations directs securities_and_exchange_commission suspend application fair value reporting standards troubled assets held financial institutions directs general_accountability_office analyze report certain congressional committees effect fair value accounting standards financial institutions makes secretary treasury responsible determine terms program insure payment principal interest mortgage backed security held financial institution september establishes mortgage backed securities fund treats gain loss sale exchange preferred gse stock specified financial institutions ordinary income loss requires officer institution pay department_of_the_treasury funds received incentive based equity based compensation specified period year institution subject government intervention


Summary: National Offshore Aquaculture Act of 2007 - Directs the Secretary of Commerce to establish an operating permit process for the development and operation of offshore aquaculture facilities in areas of the U.S. Exclusive Economic Zone (EEZ). Requires the Secretary to prepare an analysis under the National Environmental Policy Act of 1969 with respect to the process for issuing permits. Authorizes the Secretary to issue such permits. Prohibits considering offshore aquaculture "fishing" under the Magnuson-Stevens Fishery Conservation and Management Act. Prohibits permits for facilities within 12 miles of a coastal state if the state opposes the activities. Authorizes the Secretary of the department in which the Coast Guard is operating to designate a zone around a facility in which incompatible installations, structures, or uses are prohibited. Requires the Secretary of Commerce, for permits for facilities in certain areas subject to the Outer Continental Shelf Lands Act, to obtain the concurrence of the Secretary of the Interior and the consent of lessees, operators, and owners. Authorizes the Secretary of Commerce to: (1) establish and conduct an integrated, multidisciplinary, scientific research and development program to further marine aquaculture technologies that are compatible with the protection of marine ecosystems; and (2) conduct research and development in partnership with permit holders. Directs the Secretary to conduct research to reduce the use of wild fish in aquaculture feeds.

national offshore aquaculture act directs secretary commerce establish operating permit process development operation offshore aquaculture facilities areas exclusive_economic_zone eez requires secretary prepare analysis national_environmental_policy_act respect process issuing permits authorizes secretary issue permits prohibits considering offshore aquaculture fishing magnuson-stevens_fishery_conservation_and_management_act prohibits permits facilities miles coastal state state opposes activities authorizes secretary department coast_guard operating designate zone facility incompatible installations structures uses prohibited requires secretary commerce permits facilities certain areas subject outer_continental_shelf_lands_act obtain concurrence secretary interior consent lessees operators owners authorizes secretary commerce establish conduct integrated multidisciplinary scientific research development program marine aquaculture technologies compatible protection marine ecosystems conduct research development partnership permit holders directs secretary conduct research reduce use wild fish aquaculture


Summary: Global Competitiveness Act of 2008 - Amends the Immigration and Nationality Act to extend the annual cap exemption for returning H-2B aliens (temporary nonagricultural workers). Revises H-1B nonimmigrant visa (specialty occupation) provisions regarding: (1) recapture of unused visas (including a recapture fee); (2) visa increases and increases for exemptions from numerical limitations for aliens with higher education degrees; (3) increased employer petition fees; (4) employer restrictions on outsourcing, advertising, and hiring; and (5) enforcement, information sharing, and labor application penalty increases. Amends the American Competitiveness in the Twenty-first Century Act of 2000 regarding: (1) recapture of unused employment-based immigrant visas and redistribution to specified employment categories, including nurses and physical therapists; and (2) a recapture fee (with an exemption for certain health care facilities). Increases the annual limit for National Science Foundation low-income scholarships. Revises L-visa (intracompany transfer) provisions regarding: (1) Department of Homeland Security (DHS) authority to investigate employer fraud; (2) whistleblower protections; and (3) limitations on approval of start-up company petitions. Authorizes (with a supplemental fee) early status adjustment filing for certain employment-based immigrants. Obligates funds from the H-1B Nonimmigrant Petitioner Account for programs under the Jacob K. Javits Gifted and Talented Students Education Act of 2001. Amends the Illegal Immigration Reform and Immigrant Responsibility Act of 1966 to extend the E-Verify program.

global competitiveness act amends immigration_and_nationality_act extend annual cap exemption returning h-2b aliens temporary nonagricultural workers revises_h-1b nonimmigrant visa specialty occupation provisions recapture unused visas including recapture fee visa increases increases exemptions numerical limitations aliens higher education degrees increased employer petition fees employer restrictions outsourcing advertising hiring enforcement information sharing labor application penalty increases amends american competitiveness century act recapture unused employment based immigrant visas redistribution specified employment categories including nurses physical therapists recapture fee exemption certain health_care facilities increases annual limit national_science_foundation low income scholarships revises visa intracompany transfer provisions department_of_homeland_security dhs authority investigate employer fraud whistleblower protections limitations approval start company petitions authorizes supplemental fee early status adjustment filing certain employment based immigrants obligates funds h-1b nonimmigrant petitioner account programs jacob gifted talented students education act amends illegal immigration reform immigrant responsibility act extend e-verify_program


Summary: Commercial Seafood Consumer Protection Act - Directs the Secretary of Commerce (Secretary) to establish a program to strengthen federal activities for ensuring that commercially distributed seafood meets federal food quality and safety requirements. Directs the Secretary and the Secretary of Health and Human Services to enter into an agreement to strengthen cooperation on seafood safety, including regarding examining and testing seafood imports, inspections of foreign facilities, technical assistance and training of foreign facilities for marine aquaculture, establishing a distribution chain tracking system, and labeling. Directs the Secretary to increase the number of laboratories certified to Food and Drug Administration (FDA) standards. Authorizes the Secretary to increase the number and capacity of laboratories operated by the National Oceanic and Atmospheric Administration (NOAA) involved in testing and other activities under this Act. Authorizes the Secretary to send inspectors to an originating country or exporter to assess seafood practices and processes and to provide technical assistance related to Federal Food, Drug, and Cosmetic Act (FFDCA) requirements.

commercial seafood consumer protection act_-_directs secretary commerce secretary establish program strengthen federal activities ensuring commercially distributed seafood meets federal food quality safety requirements directs secretary secretary health_and_human_services enter agreement strengthen cooperation seafood safety including examining testing seafood imports inspections foreign facilities technical assistance training foreign facilities marine aquaculture establishing distribution chain tracking system labeling directs secretary increase number laboratories certified food_and_drug_administration fda standards authorizes secretary increase number capacity laboratories operated national_oceanic_and_atmospheric_administration noaa involved testing activities act authorizes secretary send inspectors originating country exporter assess seafood practices processes provide technical assistance related federal food drug cosmetic act ffdca requirements


Summary: Transportation Infrastructure Finance and Innovation Act of 2009 or TIFIA of 2009 - Revises terms of secured loans and lines of credit used to finance certain transportation infrastructure projects to increase the maximum loan amount for such projects from the lesser of 33% to the lesser of 49% of the eligible project costs or, if the loan does not receive an investment grade rating, the amount of the senior project obligations. Increases the total amount of the line of credit for such projects from 33% to 49% of the reasonably anticipated eligible project costs. Declares that, in the event of the obligor's bankruptcy, insolvency, or liquidation, a direct loan from the Secretary of Transportation for an infrastructure project shall not be subordinated to the claims of any holder of project obligations entered into after (not including such obligations issued to refund prior project obligations), or not contemplated by the parties at the time, the Secretary's agreement to provide the line of credit is entered into. Authorizes appropriations for FY2010-FY2015 for such projects.

transportation infrastructure finance innovation_act tifia revises terms secured loans lines credit finance certain transportation infrastructure projects increase maximum loan projects lesser lesser eligible project costs loan receive investment grade rating senior project obligations increases total line credit projects reasonably anticipated eligible project costs declares event obligor bankruptcy insolvency liquidation direct_loan secretary transportation infrastructure project shall subordinated claims holder project obligations entered including obligations issued refund prior project obligations contemplated parties time secretary agreement provide line credit entered authorizes appropriations fy2010 fy2015 projects


Summary: Discount Pricing Consumer Protection Act of 2009 - Declares that any agreement setting a price below which a product or service cannot be sold by a retailer, wholesaler, or distributor is an illegal restraint of trade in violation of the Sherman Anti-Trust Act.

discount pricing consumer protection act declares agreement setting price product service sold retailer wholesaler distributor illegal restraint trade violation sherman anti trust act


Summary: Makes emergency supplemental appropriations of $2 billion for FY2009 and FY2010 to the National Highway Traffic Safety Administration (NHTSA) of the Department of Transportation (DOT) for the Consumer Assistance to Recycle and Save Program (Cash for Clunkers Program). Amends the Consumer Assistance to Recycle and Save Program to require the Government Accountability Office (GAO) and the DOT Inspector General to review and report to Congress on the administration of the program.

makes emergency supplemental appropriations billion fy2009 fy2010 national_highway_traffic_safety_administration nhtsa department_of_transportation dot consumer assistance recycle save program cash program amends consumer assistance recycle save program require government_accountability_office gao dot_inspector general review report congress administration program


Summary: National Commission on American Recovery and Reinvestment Act of 2009 - Establishes in the legislative branch the National Commission on American Recovery and Reinvestment. Requires the Commission to: (1) investigate and make findings on the number of jobs saved or created as a result of the American Recovery and Reinvestment Act of 2009; and (2) make recommendations on changes that could be made to such Act to save or create more jobs as well as steps that could be taken to prevent the improper payment of funds allocated under it.

national_commission american_recovery_and_reinvestment_act establishes legislative branch national_commission american recovery reinvestment requires commission investigate findings number jobs saved created result american_recovery_and_reinvestment_act recommendations changes act save create jobs steps taken prevent improper payment funds allocated


Summary: Early-Stage Business Investment and Incubation Act of 2010 - Directs the Secretary of Commerce to establish an early-stage business investment and incubation grant program (program) to support the development of early-stage businesses engaged primarily in the research, development, manufacturing, production, or marketing of specified technologies, aerospace, communications, or transportation. Limits individual grants to $5 million. Requires each grant recipient under the program to: (1) designate an individual as the grant fund manager; (2) establish a grant investment committee; and (3) assign to each assisted business a grant collaborator. Directs the Secretary to monitor and evaluate program effectiveness.

early stage business investment act directs secretary commerce establish early stage business investment grant program program support development early stage businesses engaged primarily research development manufacturing production marketing specified technologies aerospace communications transportation limits individual grants million requires grant recipient program designate individual grant fund manager establish grant investment committee assign assisted business grant directs secretary monitor evaluate program effectiveness


Summary: Firearms Excise Tax Improvement Act of 2010 - Amends the Internal Revenue Code to require: (1) excise taxes on recreational equipment to be due and payable on the date for filing the return for such taxes (i.e., quarterly); and (2) the Secretary of the Treasury to assess and collect, in the same manner as delinquent taxes are assessed and collected, mandatory orders of restitution for victims of crime. Increases by 0.25% in the third quarter of 2015 the estimated tax payments of corporations with assets of not less than $1 billion. Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.

firearms excise tax improvement act amends_the_internal_revenue_code require excise taxes recreational equipment payable date filing return taxes quarterly secretary treasury assess collect manner delinquent taxes assessed collected mandatory orders restitution victims crime increases quarter estimated tax payments corporations assets billion provides compliance budgetary effects act statutory pay act


Summary: Animal Crush Video Prohibition Act of 2010 - Amends the federal criminal code to revise the prohibition against depictions of animal cruelty to prohibit anyone from knowingly creating an animal crush video if: (1) such person intends or has reason to know that such video will be distributed in, or using a means or facility of, interstate or foreign commerce; or (2) such video is distributed in, or using a means or facility of, interstate or foreign commerce. Prohibits the sale, marketing, exchange, or distribution of such videos in interstate or foreign commerce. Defines "animal crush video" as any photograph, motion picture, film, video or digital recording, or electronic image that: (1) depicts actual conduct in which one or more living non-human mammals, birds, reptiles, or amphibians is intentionally crushed, burned, drowned, suffocated, impaled, or otherwise subjected to serious bodily injury; and (2) is obscene. Extends the applicability of this Act to a person selling, marketing, advertising, exchanging, distributing, or creating animal crush videos outside the United States if: (1) such person intends or has reason to know that the animal crush video will be transported into the United States or its territories or possessions; or (2) the video is so transported. Imposes a fine and/or prison term of up to seven years for violations of this Act. Exempts from the application of this Act: (1) any visual depiction of customary and normal veterinary or agricultural husbandry practices, the slaughter of animals for food, or hunting, trapping, or fishing; and (2) good faith distribution of an animal crush video to a law enforcement agency or a third party for the sole purpose of determining if referral to a law enforcement agency is appropriate. Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.

animal video prohibition act amends federal criminal code revise prohibition depictions animal cruelty prohibit knowingly creating animal video person intends reason know video distributed means facility interstate foreign commerce video distributed means facility interstate foreign commerce prohibits sale marketing exchange distribution videos interstate foreign commerce defines animal video photograph motion picture film video digital recording electronic image depicts actual conduct living non human mammals birds intentionally burned subjected bodily injury obscene extends applicability act person selling marketing advertising exchanging distributing creating animal videos outside united_states person intends reason know animal video transported united_states territories possessions video transported imposes fine prison term seven years violations act exempts application act visual customary normal veterinary agricultural practices slaughter animals food hunting trapping fishing good faith distribution animal video law enforcement agency party sole purpose determining referral law enforcement agency appropriate provides compliance budgetary effects act statutory pay act


Summary: Technology Deployment and Early-Stage Business Investment Act of 2010 - Directs the Secretary of Commerce to establish a technology deployment and early-stage business investment grant program under which the Secretary makes grants to business accelerators (public or private nonprofit institutions, including academic institutions) to support the development of early-stage businesses in specified industries. Limits grants to $5 million per accelerator. Requires the Secretary to monitor and evaluate the effectiveness of each accelerator under the program.

technology deployment early stage business investment act directs secretary commerce establish technology deployment early stage business investment grant program secretary makes grants business accelerators public private nonprofit institutions including academic institutions support development early stage businesses specified industries limits grants million accelerator requires secretary monitor evaluate effectiveness accelerator program


Summary: Main Street Recovery Act - Provides for a 15% investment tax credit through June 30, 2010, for the purchase of business equipment and machinery. Amends the Internal Revenue Code to: (1) extend through June 30, 2010, the additional 50% depreciation allowance (bonus depreciation) for business and investment property; (2) allow such depreciation for nonresidential real property or residential rental property; and (3) extend through 2010 the increased expensing allowance for depreciable business assets and expand the types of depreciable property eligible for expensing.

main street recovery_act provides investment tax credit june purchase business equipment machinery amends_the_internal_revenue_code extend june additional depreciation allowance bonus depreciation business investment property allow depreciation nonresidential real property residential rental property extend increased expensing allowance depreciable business assets expand types depreciable property eligible expensing


Summary: Net Operating Loss (NOL) Carryback Act - Amends the Internal Revenue Code to allow a five-year carryback of net operating losses, including the operating losses of life insurance companies, incurred in 2008 and 2009. Denies such extended loss carryover period to: (1) taxpayers in whom the federal government acquires an equity interest under the Emergency Economic Stabilization Act of 2008; (2) the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (3) members of certain affiliated groups.

net operating loss carryback act amends_the_internal_revenue_code allow year carryback net operating losses including operating losses life insurance companies incurred denies extended loss carryover period taxpayers federal_government acquires equity interest emergency_economic_stabilization_act federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac members certain affiliated groups


Summary: USA Jobs Act of 2009 - Amends the Internal Revenue Code to allow a manufacturer who has domestic production gross receipts that are greater than 50% of total production gross receipts an increased tax credit for research expenditures, including energy research.

usa jobs_act amends_the_internal_revenue_code allow manufacturer domestic production gross receipts greater total production gross receipts increased tax credit research expenditures including energy research


Summary: Free Enterprise Act of 2009 - Requires congressional approval before any Troubled Asset Relief Program (TARP) funds are provided or obligated to any entity, on and after May 29, 2009, whose receipt of such funds would result in federal government acquisition of its common or preferred stock.

free enterprise act requires congressional approval troubled_asset_relief_program tarp funds provided obligated entity receipt funds result federal_government acquisition common preferred stock