Unfunded Mandates Information and Transparency Act of 2008 - Amends the Congressional Budget Act of 1974 to require reports on federal mandates to include: (1) an assessment of the prospective costs of carrying out changes to a condition of federal assistance being imposed on participating state, local, or tribal governments and how these costs compare with the funds being authorized; (2) for reauthorizations, an assessment of the additional costs of changes in those conditions compared with the changes in funding being authorized; (3) in cases where a bill or joint resolution provides necessary sums, an estimate of that amount; and (4) an identification and description of any reasonably foreseeable indirect costs to such governments or the private sector from implementing the federal mandate.
Repeals a provision excluding independent regulatory agencies from reporting requirements.
Makes requirements under this Act applicable to general notice of any final rule that includes such a mandate.