Unemployment Compensation Extension Act of 2008

(This measure has not been amended since it was passed by the House on October 3, 2008. The summary of that version is repeated here.)

Unemployment Compensation Extension Act of 2008 - Amends the Supplemental Appropriations Act, 2008 to revise the formula for Tier-1 amounts a state credits to an applicant's emergency unemployment compensation account (EUCA) for a benefit year. Increases the figures in the formula (the lesser of which shall be the amount credited): (1) from 50% to 80% of the total amount of regular compensation (including dependents' allowances) payable to the individual during the benefit year; and (2) from 13 to 20 times the individual's average weekly benefit amount for the benefit year.

Provides an additional Tier-2 period for deposits to an individual's EUCA, using the current formula, if, at the time that the amount established under this Act is exhausted, or at any time thereafter, the individual's state is in an extended benefit period.

Prescribes a formula for determining if a state is in an extended benefit period.

Allows the Tier-2 period augmentation to be applied to the individual's EUCA only once.

Prohibits a Tier-2 augmentation to an individual's EUCA under this Act after March 31, 2009, if the EUCA is exhausted after such date.

Extends the period of emergency unemployment compensation through August 27, 2009.

Exempts weeks of unemployment between enactment of this Act and December 8, 2009, from the prohibition in the Federal-State Extended Unemployment Compensation Act of 1970 against federal matching payments to a state for the first week in an individual's eligibility period for which extended compensation or sharable regular compensation is paid if the state law of such state provides for payment (at any time or under any circumstances) of regular compensation to an individual for his first week of otherwise compensable unemployment. (Thus allows temporary federal matching for the first week of extended benefits for states with no waiting period.)