Emergency Extended Unemployment Compensation Act of 2008

Emergency Extended Unemployment Compensation Act of 2008 - (Sec. 2) Authorizes a state to enter into an agreement with the Secretary of Labor under which the state agency will make emergency unemployment compensation payments to individuals who: (1) have exhausted all rights to regular compensation under state or federal law with respect to a benefit year ending on or after May 1, 2007; (2) have no rights to regular compensation or extended compensation with respect to a week under such law or any other state or federal unemployment compensation law; and (3) are not receiving compensation for such week under the unemployment compensation law of Canada.

Authorizes a state's governor in an extended benefit period, if state law permits, to provide for the payment of emergency unemployment compensation before extended compensation to individuals who otherwise meet the requirements of this Act.

Requires a state to require, as a condition of eligibility for such emergency unemployment compensation, that aliens who receive it be legally authorized to work in the United States.

(Sec. 3) Requires such agreements to require states to establish an emergency unemployment compensation account for an applicant's benefit year.

Prescribes a formula for crediting amounts to such accounts.

Makes a special rule to augment the compensation amount if such an account is exhausted while the state is in an extended benefit period. Revises the definition of "extended benefit period" to include states with a total unemployment rate (TUR) of at least 6.0% and states with an insured unemployment rate (IUR) of at least 4.0% (regardless of certain other ordinary requirements).

(Sec. 4) Requires federal payments to states that have entered into such agreements to cover 100% of emergency unemployment compensation payments.

Prohibits such payments from being made to any state if it is entitled to reimbursement in respect of such compensation under any federal law other than this Act or federal law relating to unemployment compensation for federal employees and ex-servicemen.

Denies a state entitlement to any reimbursement under the latter law if the state is entitled to reimbursement under this Act.

(Sec. 5) Requires funds in the extended unemployment compensation account of the Unemployment Trust Fund to be used for payments to states having such agreements.

Appropriates out of the employment security administration account of such Fund, without fiscal year limitation, the funds necessary to assist states in meeting the costs of administration of such agreements.

Appropriates from the general fund of the Treasury, without fiscal year limitation, to the extended unemployment compensation account of the Unemployment Trust Fund such sums as the Secretary estimates are necessary to make payments for: (1) compensation payable to federal employees and ex-servicemen; and (2) compensation payable on the basis of certain services performed for nonprofit organizations or governmental entities. Declares that none of these appropriations shall be required to be repaid.

(Sec. 6) Makes an individual ineligible for further emergency unemployment compensation, and subjects him or her to fines and imprisonment of up to five years, or both, if the individual knowingly has made, or caused another to make, a false statement or representation of a material fact, or knowingly has failed, or caused another to fail, to disclose a material fact, and as a result of such actions the individual has received such emergency unemployment compensation to which he or she was not entitled.

Directs the state to require such an individual to repay the compensation to the state agency unless the state determines that: (1) the overpayment was without fault on the individual's part; and (2) such repayment would be contrary to equity and good conscience.

(Sec. 8) Requires any agreement entered into under this Act to apply only to weeks of unemployment: (1) beginning after the agreement is entered into; and (2) ending on or before February 1, 2009.