Flooring Groups Backing HIRE Stimulus Bill

Washington, DC, Aug. 11, 2009--Four major flooring associations are throwing their weight behind a bill that would provide stimulus for the industry.

The Carpet and Rug Institute, National Wood Flooring Association, Resilient Floor Covering Institute and World Floor Covering Association have lauded the introduction of the Home Improvements Revitalize the Economy (Hire) Act, a bill that would create a tax deduction of up to $4,000 for consumers who purchase qualified building products and home furnishings.

Lead sponsors are Georgia Congressmen Henry C. “Hank” Johnson (D) and Nathan Deal (R). Co-sponsors include: Reps. J. Gresham Barrett (R-SC), Sanford D. Bishop (D-GA.), William Lacy Clay (D-MO), Bill Pascrell Jr., (D-NJ), Bart Stupak (D-MI), John Barrow, (D-GA.), Travis Childers (D-MS), Howard Coble (R-NC), Robert Latta (R-OH) and Health Shuler (R-NC).

“This legislation is seeking to save or create 350,000 jobs, cut retail taxes and boost homes values,” Johnson said.

Deal said “The Hire Act will offer incentives for consumers who would otherwise forgo spending in 2009 and 2010, allowing them to improve their home. And, in turn, jump start the home furnishings and building products market.”

The bill, which applies to households with incomes up to $300,000, provides a tax deduction of $2,000 per family and tax credits of $500 for the purchase of qualified home furnishings and building products such as carpet and resilient and wood flooring.

The credits are doubled for products meeting certain environmental certification. Retailers would be eligible for related tax credits of up to $10,000 under provisions of the bill.