TARGET Act

Targeted Assistance to Restore Growth in Employment Throughout 2008 Act, or the TARGET Act - Provides for federal-state agreements under which a state will make targeted extended unemployment compensation payments, for any week of unemployment beginning in the individual's eligibility period, to individuals who: (1) have exhausted all rights to regular compensation under such state law; (2) have no rights to compensation (including both regular and extended compensation) with respect to a week under such law or any other state or federal unemployment compensation law (and are not paid or entitled to be paid such additional compensation); and (3) are not receiving compensation for such week under the unemployment compensation law of Canada.

Declares that such period of eligibility shall consist of any week which begins between April 1, 2008, and March 31, 2009. Denies eligibility to an individual unless his or her benefit year ends on or after July 1, 2007.

Specifies criteria for Tier-1, Tier-2, and Tier-3 periods of increasing unemployment in a state for purposes of calculating payments under this Act. Prescribes formulas for crediting amounts to recipient accounts for each period.

Requires federal payments to states in the amount of specified percentages of the targeted extended unemployment compensation payments a state has paid to individuals. Sets such percentages with respect to a week at: (1) 50% for a Tier-1 period; (2) 75% for a Tier-2 period; and (3) 100% for a Tier-3 period.

Provides for handling of fraud and overpayments of such compensation.