Thursday, June 17, 2010
H.R. 3382, or the Home Improvements Revitalize the Economy Act, would provide consumers and businesses tax deductions and credits to offer relief to middle and low-income families for the purchase of home furnishings and building products used to improve their homes.
NARI has been working in support of this amendment, along with 20 other organizations in like industries.
During the current economic downturn, home repairs and upgrades have been dramatically curtailed. This has had the significant impact throughout the U.S. economy, and in particular, to the home furnishings and building products sectors. These industries have experienced a steep decline in sales, job losses and other financial hardships. The HIRE Act is a temporary, timely and targeted effort to put money in the hands of consumers and help them improve the value of their homes by incentivizing the purchase of home furnishings. These purchases will also help to save and stimulate the manufacturers, distributors and retailers of these products.
The home furnishing and building products industries:
have lost $67 billion in economic value from 2007 to 2008.
are expected to lose another $74 billion from 2008 to 2009.
lost 273,000 American jobs in 2008 and are expected to lose 299,000 in 2009.
The HIRE Act would:
provide a tax deduction of up to $2,000 per family ($1,000 per individual) for the purchase and/or installation of qualifying home furnishings or building products for families making up to $300,000/year ($150,000 for individuals).
provide a tax credit of up to P0 per family ($250 pre individual) for the purchase and/or installation of qualifying home furnishings or building products for low-income families and individuals.
Provide a 150% bonus of the applicable tax deduction or credit for the purchase and/or installation of qualifying home furnishings or building products that meet environmental standards.
NARI urges those in the remodeling industry to support the HIRE Act today to help consumers improve their homes, create jobs and stimulate the U.S. economy.