H.R. 3382, the Home Improvements Revitalize the Economy (HIRE) Act, establishes targeted consumer tax incentives for the purchase of building products and home furnishings such as architectural coatings, mattresses, furniture, flooring and other home-related products.
“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.
“The HIRE Act will offer incentives for consumers who would otherwise forgo spending in 2009 and 2010, allowing them to improve their homes," Congressman Deal said. "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 building products and home furnishings. 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 the Home Furnishings and Building Products Coalition, which was organized in late 2008 and brings together 14 associations representing home improvement and furnishing industries, including the NPCA/FSCT, the American Home Furnishings Alliance (AHFA), the National Home Furnishings Association (NHFA), and the International Sleep Products Association (ISPA). NPCA/FSCT and other members of the coalition are now mobilizing their members to help secure additional co-sponsors for the HIRE Act. Members have sent letters, made phone calls and visited with their Congressmen to advocate for the HIRE Act.