Guard and Reserve Financial Stability Act of 2008 - Amends the Internal Revenue Code to allow small employers (employers with 50 or fewer employees) a business tax credit for 50 percent of the lesser of: (1) actual compensation paid to each Ready Reserve-National Guard employee while on active duty or hospitalized incident to such duty; or (2) $30,000. Terminates such credit after 2009.
Allows employers a work opportunity tax credit for the hiring of temporary employees to replace Ready Reserve-National Guard employees for the period such employees are on active duty.
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