HIRE Act: Industry to gain from consumer, retailer tax incentives
“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.