Economic Stimulus Act of 2008

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The Economic Stimulus Act of 2008 contained multiple provisions to boost the economy in the wake of the Great Recession. Individuals could receive an extra tax rebate of up to $600 outright plus $300 for every child. Businesses benefited from increased limits on depreciating assets for tax purposes. The Act also increased the caps on conforming loans to ease restrictions and stimulate the collapsing mortgage market. 

[Last updated in June of 2021 by the Wex Definitions Team]