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Rep. Johnson introduces HIRE Act to boost home furnishings market

11
Aug '09
Seeking to save or create more than 350,000 jobs, cut retail taxes and boost home values, Rep. Hank Johnson (GA-04) introduced the Home Improvements Revitalize the Economy (HIRE) Act of 2009.

The bipartisan bill – H.R. 3382 – would create a tax deduction of up to $2,000 for consumers who purchase qualified building products and home furnishings.

Republican Nathan Deal (GA-09) is an original co-sponsor.

The tax credit would be equal to 20 percent of the qualified buildings products and home furnishings expenditures made by the taxpayer, and a tax credit for the purchase of building products and home furnishings for resale equal to 10 percent of the cost paid or incurred by the taxpayer up to a maximum of $10,000.

“The HIRE Act would re-attract many households into the market that would otherwise forgo spending in 2009 and 2010, stimulating the manufacturing market for these products, improving the flow of capital, helping low and middle-income taxpayers, and directly protecting American manufacturing, retail and contractor jobs,” said Johnson.

The American Home Furnishings and Building Products Coalition expects the bill to create or save 352,000 jobs in retail, manufacturing and contractor services; generate $18 billion in after-tax income and boost home valuations by $58 billion to $76 billion.

Home furnishings such as mattresses, furniture, flooring, paint and other home-related products would be covered under the bill.

Locally, more than 50 businesses would receive an immediate boost if the bill is enacted into law.

“We thank Congressman Johnson for his commitment to protecting our economy,” said Stephen G. Fendrich, president and chief operating officer of Atlanta-based Simmons Company. “The HIRE Act will not only put money directly into consumers' hands, it will also assist businesses like ours in retaining and creating U.S. jobs.”

The home furnishings and improvements market, which is valued at $375 billion a year, lost $67 billion from 2007-08 and is expected to lose another $74 billion this year. Last year, 273,000 U.S. jobs were lost in this sector and 299,000 jobs are expected to be lost in 2009.

“This legislation will have a major positive impact on the home furnishings community,” said National Home Furnishings Association President Steve DeHaan.

“Our coalition is committed to seeing this important legislation enacted, and we appreciate the tremendous amount of support we have received from Congressman Johnson and our industry's leaders in helping to move this legislation forward.”

United States House of Representatives


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