Emergency Unemployment Compensation Act of 2008

Emergency Unemployment Compensation Act of 2008 - Provides for federal-state agreements during a period of rising unemployment under which a state will pay emergency unemployment compensation to individuals who: (1) have exhausted all rights to regular compensation under state or federal law for a benefit year (excluding any benefit year that ended before March 1, 2007); (2) have no rights to regular compensation or extended compensation with respect to a week under such law or any other state unemployment compensation law or to compensation under any other federal law; and (3) are not receiving compensation for such week under the unemployment compensation law of Canada.

Requires federal payments to states to cover 100% of such temporary extended unemployment compensation payments.

Provides for federal-state agreements for increased regular unemployment compensation payments to certain individuals.

Amends the Social Security Act to provide for special transfers to state accounts in the Unemployment Trust Fund for unemployment compensation modernization incentive payments and for administration.