Four major flooring associations support HIRE Act
-- Home Textiles Today, 8/10/2009 12:42:00 PM
Washington, D.C. – Four major flooring associations – Carpet and Rug Institute, National Wood Flooring Association, Resilient Floor Covering Institute and World Floor Covering Association – are backing the introduction of the Home Improvements Revitalize the Economy (HIRE) Act of 2009, or H.R. 3382, which is a bill that would create a tax deduction of up to $4,000 for consumers who purchase qualified building products and home furnishings.
“This legislation is seeking to save or create 350,000 jobs, cut retail taxes and boost homes values,” said Georgia Congressman Henry Johnson (D), one of the lead sponsors of the HIRE Act.
Added fellow Georgia Congressman Nathan Deal (R), also a lead sponsor of HIRE: “The HIRE Act will offer incentives for consumers who would otherwise forgo spending in 2009 and 2010, allowing them to improve their home, and in turn jumpstart the home furnishings and building products market.”
The HIRE Act, which applies to households with incomes up to $300,000, provides a tax deduction of $2,000 per family and tax credits of $500 for the purchase of qualified home furnishings and building products such as carpet and rugs. Credits are doubled for products meeting certain environmental certification. Retailers would be eligible for related tax credits of up to $10,000 under provisions of the bill.
“Many households lost wealth in this economic recession and are hesitant to make household purchases. Giving consumers an incentive to invest in their home is a down payment on the future and will create much-needed demand that will spark manufacturing and sales,” said Werner Braun, president, Carpet and Rug Institute.
The four flooring industry associations are members of the American Home Furnishings and Building Products Coalition, which is actively supporting the HIRE Act.
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