Congressmen Hank Johnson (D-GA) and Nathan Deal (R-GA) have introduced a bipartisan bill that will help consumers purchase products in the home furnishings and building products industries. H.R. 3382, the Home Improvements Revitalize the Economy (HIRE) Act, calls for targeted consumer tax incentives for the purchase of home furnishings such as mattresses, furniture, flooring, paint and other home-related products. Retailers will also benefit from direct tax credits and increased sales through this legislation.
“Not only would this bill help stimulate the
manufacturing market for home furnishings and building products, it would save
and create retail jobs, generate billions in revenue and increase home values
at a time when we really need a boost,” Congressman Johnson said. Congressman
Deal added: “The HIRE Act will offer incentives for consumers who would
otherwise forgo spending in 2009 and 2010, allowing them to improve their
homes. And, in turn, jump-start the home furnishings and building
Provisions of the HIRE Act, which apply to households
with income up to $300,000, provide a tax deduction of $2,000 per family and
tax credits of $500 for the purchase of qualified home furnishings and building
products. These credits are doubled for products meeting certain environmental
certifications. Retailers would be eligible for related tax credits of up to
$10,000 under provisions of the bill.
The HIRE Act is supported by 14 industry associations,
including the Resilient Floor Covering Institute, the Carpet and Rug Institute,
National Wood Flooring Association and the World Floor Covering Association.
HIRE Act: Industry to gain from consumer, retailer tax incentives
August 3, 2009