Home Improvements Revitalize the Economy (HIRE) Act (9/23/09)

September 23, 2009
/ Print / Reprints /
ShareMore
/ Text Size+
On July 29, Congressmen Hank Johnson (D-GA) and Nathan Deal (R-GA) introduced H.R. 3382, the Home Improvements Revitalize the Economy (HIRE) Act of 2009, which calls for targeted consumer tax incentives for the purchase of home furnishings and building products, such as construction adhesives and sealants.


On July 29, Congressmen Hank Johnson (D-GA) and Nathan Deal (R-GA) introduced H.R. 3382, the Home Improvements Revitalize the Economy (HIRE) Act of 2009, which calls for targeted consumer tax incentives for the purchase of home furnishings such as furniture, flooring, and other home-related products, as well as building products such as construction adhesives and sealants. Retailers will also benefit from direct tax credits and increased sales through this legislation.

“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 Johnson said.

 

Congressman 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 markets.”

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 home furnishings and building products. 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.

Lawrence D. Sloan, president of The Adhesive and Sealant Council, Inc. (ASC), praised Congressmen Johnson and Deal for taking the lead in advancing the HIRE Act in Congress. “As a result of the housing crisis and the economic downturn, the home furnishings and building-products industries have been severely impacted,” he said. “In 2007 and 2008, the industries represented by the coalition lost $67 billion in direct economic value and 273,000 American jobs. If nothing is done, these industries will lose another $74 billion and 299,000 jobs in 2009. Incentives for the purchase of home furnishings and building products will help boost the housing market, help low- and middle-income taxpayers, and directly protect American manufacturing and retail jobs.”

Chris Hudgins, vice president of Government Relations & Policy for the International Sleep Products Association, said, “The HIRE Act will not only put money directly into consumers’ hands to improve the value of their homes, it will also allow industries which have struggled due to the housing downturn to protect and add jobs.”

 

 

Did you enjoy this article? Click here to subscribe to Adhesives & Sealants Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

In-Depth Features

These articles detail advantages and innovations for multiple end uses.

Podcasts

ExxonMobil Tackifier Expansion

Dwight Tozer, vice president of ExxonMobil’s Adhesion Industry business, discusses the company’s latest tackifier expansion project with Editor-in-Chief Susan Sutton.

More Podcasts

THE MAGAZINE

Adhesives & Sealants Industry Magazine

ASI April 2014 cover

2014 April

Our April issue focuses on pressure-sensitive adhesives, including a preview of PSTC's 2014 Tape Summit, as well as converting/packaging and composites!

Table Of Contents Subscribe

THE ADHESIVES STORE

handbook-sealant-tech.gif
Handbook of Sealant Technology

The Handbook of Sealant Technology provides an in-depth examination of sealants, reviewing their historical developments and fundamentals, adhesion theories and properties, and today’s wide range of applications.

More Products

asi1211p_Cover-DE.gifASI's Buyers' Guide

Annual purchasing resource for equipment used in the manufacture/formulation of adhesives, sealants, pressure sensitives, tapes and labels and for application of finished adhesives. 

Clear Seas Research

With access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

facebook_40px twitter_40  youtube_40pxlinkedin_40