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 products market.”
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
November 20, 2009