HIRE Act to boost sales of home-related products NPCA/FSCT urging support of HIRE Act legislation.
H.R. 3382, the Home Improvements Revitalize the Economy (HIRE) Act, establishes targeted consumer tax incentives for the purchase of building products and home furnishings such as architectural coatings, mattresses, furniture, flooring, and other home-related products. This legislation is strongly supported by NPCA/FSCT, and the organization is urging its members to assist in securing additional co-sponsors for the act.
According to Congressman Johnson, "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." Congressman Deal adds: "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, the act will jump-start the home furnishings and building products market."
Provisions of the HIRE Act, which apply to households with income up to $300,000, provide a tax deduction of $2,000 per family and tax credits of $500 for the purchase of qualified building products and home furnishings. These credits are doubled for products meeting certain environmental certifications. Retailers would be eligible for related tax credits of up to $10,000 under provisions of the bill.
The HIRE Act is supported by the Home Furnishings and Building Products Coalition, which was organized in late 2008 and brings together 14 associations representing home improvement and furnishing industries, including the NPCA/FSCT, the American Home Furnishings Alliance (AHFA), the National Home Furnishings Association (NHFA), and the International Sleep Products Association (ISPA).
NPCA/FSCT and other members of the coalition are now mobilizing their members to help secure additional co-sponsors for the HIRE Act. NPCA/FSCT members are urged to get involved through CoatingsConnect at www.coatingsconnect.org to help shape the outcome of this issue.
An in-depth analysis of this legislation and its potential impact on the coatings industry will be published in the October issue of JCT CoatingsTech.
For more information, contact Allen Irish, Counsel/Director of Industry Affairs, NPCA/FSCT; at firstname.lastname@example.org.
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||Association News|
|Date:||Sep 1, 2009|
|Previous Article:||Two NPCA/FSCT short courses to be offered at 2009 Western Coatings Societies' Symposium & Show.|
|Next Article:||Updated U.S. Paint & Coatings Industry Market Analysis to be published; base study and Interactive Planning Toolkit options offered.|