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
HIRE Act: Industry to gain from consumer, retailer tax incentives
August 3, 2009