WASHINGTON–U.S. Representatives Hank Johnson (D-Ga.) and Nathan Deal (R-Ga.) have introduced the Home Improvements Revitalize the Economy (HIRE) Act.
The proposed legislation calls for targeted consumer tax incentives for the purchase of home furnishings such as mattresses, furniture, flooring, paint and other products. Specifically, the bill would provide a tax deduction of $2,000 per family and tax credits of $500 for purchases of qualifying home furnishings, for households with annual income of up to $300,000. These credits would be doubled for the purchases of products that meet certain environmental certifications.
According to a statement from the International Sleep Products Association, retailers would also benefit from the proposed law through direct tax credits and increased sales. ISPA—along with its partner trade associations in the American Home Furnishings and Building Products Coalition, which was formed in December 2008—has pledged its support for the bill.