Climate Change Rebate Act of 2008 - Requires that 35% of the total value of greenhouse gas emission allowances created by federal legislation limiting such emissions be auctioned each year to finance the purposes of this Act.
Amends the Internal Revenue Code to allow certain low-income taxpayers a refundable tax credit for energy cost increases attributable to carbon regulation (climate change tax credit).
Requires the Administrator of the Environmental Protection Agency (EPA) to: (1) formulate and administer a Climate Change Rebate Program to provide monthly rebates based on energy cost increases to low-income families and families receiving federal assistance; (2) establish a schedule and standards to implement such Program.
Requires receipts from the auction of greenhouse gas emission allowances to be used equally for the Low-Income Home Energy Assistance Program and the Weatherization Assistance Program under the Energy Conservation and Production Act.