H.r. 1424

Senate's version of the Emergency Economic Stabilization Act of 2008, the Energy Improvement and Extension Act of 2008, and Tax Extenders and Alternative Minimum Tax Relief Act of 2008. The 451-page bill is a part of a proposed bailout of the United States financial system.
The bill was passed by the U.S. It created the $700 billion dollar Treasury fund.


Legislative history
Originally, the bill was titled the Genetic Information Nondiscrimination Act of 2008 and the Paul Wellstone Mental Health and Addiction Equity Act of 2008, as passed by the U.S.

House of Representatives on 5 March 2008. Parts of that bill became law via a separate bill, as the Genetic Information Nondiscrimination Act in April 2008.
After the Emergency Economic Stabilization Act of 2008 was rejected by the House of Representatives on 29 September (structured as an amendment to H.R.3997), Senate leaders decided to amend an existing bill from the House in an attempt to circumvent the origination clause of U.S. 1424 as the vehicle for the the legislation. On 30 September 2008, the U.S.Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell announced the proposed draft had been formalized for the amendment that would transform H.R. 1424 into the Senate version of the Emergency Economic Stabilization Act of 2008.
On October 1, 2008, the amendment to HR1424 was accepted by a vote of 74 to 25, and the entire amended bill was passed by 74 to 25, (with one not voting, the cancer-stricken Senator Ted Kennedy).

The bill was returned to the House for consideration.
On October 3, 2008, the bill as passed by the Senate was accepted by a vote of 263 to 171. Bush signed the bill into law a few hours later.
Cost
In addition to the $700 billion dollar bailout, the Senate plan includes $100 billion in tax breaks for businesses and the middle class, plus a provision to raise the cap on federal deposit insurance from $100,000 to $250,000.
The bill keeps the alternative minimum tax from hitting 20 million middle-income Americans.It provides $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana.
As a whole, the Senate tax package would cost $150.5 billion over 10 years. Hedge fund managers would be forbidden from using offshore corporations to defer paying taxes.
The bill freezes a tax deduction that oil and gas companies get for certain domestic production activities.

The deduction, now 6 percent, is scheduled to rise to 9 percent in 2010.
The bill includes language to increase the statutory limit on the public debt to US$ 11.3 trillion. The provisions of the tax bill included:
A temporary increase in FDIC deposit insurance limit from $100,000 to $250,000 until December 2009
Tax breaks for businesses
Tax credits for the use of alternative energy
Tax credits for research and development
Expansion of the child tax credit
Protection from the Alternative Minimum Tax
Tax reductions for victims of severe weather (e.g.tornadoes, floods, hurricanes)
Extension of unemployment insurance
A USD $1,000 tax credit for low income homeowners
Tax breaks and credit extensions for the following:
"Certain wooden arrows designed for use by children" (Sec 503)
Wool research (Sec.