Proposed bill aims to boost home furnishings sales
Would provide tax deduction to consumers, retailers
-- Home Textiles Today, 7/30/2009 11:47:00 AM
Washington, D.C. – A pair of Congressmen from Georgia have introduced a bipartisan bill calling for tax incentives to encourage consumers purchase products in the home furnishings and building products industries.
H.R. 3382, the Home Improvements Revitalize the Economy (HIRE) Act, introduced by Congressmen Hank Johnson (D-GA) and Nathan Deal (R-GA), covers the purchase of mattresses, furniture, flooring, paint and other home-related products.
Home textiles are not mentioned in the bill, which covers home furnishings that are “tangible personal property” used to furnish a primary residence. It is unclear whether the textiles would be considered among the “other home decorations” which the bill specifies as not covered by the HIRE Act. Also not covered:
Home electronics, including televisions, radios, entertainment systems and computers;Home appliances, including refrigerators, ovens, dishwashers, clothes washers and dryers;Housewares;Artwork, photographs;Property for which depreciation or amortization in lieu of depreciation is allowable.
Households with income up to $300,000, would receive a tax deduction of $2,000 per family and tax credits of $500 for the purchase of qualified home furnishings and building products. Those credits would be doubled for products meeting certain environmental certifications.
Retailers would be eligible for related tax credits of up to $10,000.
“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,” said Johnson.
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.”
We would love your feedback!
Most Recent Resources
- Getting the most out of offline leads
- Free Shipping and the Importance of Onsite Promotion
- Should Branded Manufacturers Participate in Flash Sales?
- Rugs 101 - Special Edition
- How Big Is Your Label
- Choosing a Web Site Developer
- Convergence: Tie Your Online & Offline Experience...
- Social Networks to Social Shopping
- Why Brands and Their Retailers are Facebook’s Biggest...
- Web Based Intelligence Gathering
- The Future of Tablets
- Shopatron: Bicycles & eCommerce
- A Guide to Holiday eCommerce Success
- Mattress Buying 101 - Connecting with Consumers
- Designing Your Brand’s Website for eCommerce
- Global Sourcing in 2010: Doing More With Less
- Comparing Four Options for Turning Web Site Traffic into...
- Are You Prepared for the 2009 Holiday Season? A Branded...
- Design, Develop, Deliver: The Three D's to Digitally...